IMF Wants Nigeria to Rush Economic Reforms

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By Modupe Gbadeyanka

Nigeria has been advised to hasten its economic reforms in order to enhance growth. This was the position of the International Monetary Fund (IMF) on Wednesday.

This IMF advice coincided with the formal launch of the Economic Recovery and Growth Plan (ERGP) 2017-2020 on Wednesday, April 5, 2017, by President Muhammadu Buhari in Abuja.

The ERGP, according to the President, was in furtherance of his administration’s drive to sustain and build on the successes so far recorded in tackling corruption, improving security and revamping the economy.

It had the broad strategic objectives of restoring sustainable, accelerated inclusive growth and development; investing in the people; and building a globally competitive economy.

According to the IMF, Federal Government must implement immediate changes to its Foreign Exchange Policy, or risk a disorderly exchange rate.

The world body warned that it the Nigerian government further delays in implementing reforms, “risks of a disorderly exchange rate adjustment will increase.”

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