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Nigeria Reforms Underpin Stronger Economic Growth, IMF Says - BLOOMBERG
BY , Bloomberg News
, Source: International Monetary Fund
(Bloomberg) -- The International Monetary Fund welcomed reforms that are being implemented by Nigerian President Bola Tinubu’s government, and it forecast faster economic growth in the West African nation and other key economies on the continent.
Tinubu, who came to power in May, has reorganized the country’s foreign-exchange system, abolished costly gasoline subsidies and taken steps to boost tax revenue to galvanize Africa’s biggest economy. It’s expected to expand 3.1% next year, compared with 2.9% in 2023, the IMF said in its World Economic Outlook on Tuesday.
The reforms should lead to “stronger and more inclusive growth,” Daniel Leigh, division chief in the IMF’s research department, told reporters at the fund’s annual meetings in Marrakech, Morocco.
The IMF forecast growth will accelerate in most of sub-Saharan Africa’s key economies next year.
