In Q4 2020, the economy surprisingly escaped recession evidenced by the 0.11% y/y rise in GDP.
The group also warned that economic recoveries are diverging dangerously across and within countries.
The solution to the world’s debt and liquidity crises is purely an economic issue but it is laced with a new social and political order.
The CBN has reacted to claims that the Federal Government has adopted a flexible exchange rate for its transactions.
IMF is concerned that crude oil is still accounting for about 90% of Nigeria’s export earnings as it did in the 1970s.
The IMF has advised Nigeria on how it can raise more revenues to ensure a more sustainable fiscal position.
Nigerian Government has disagreed with the recommendations of the IMF to further devalue the naira.
The IMF says that Nigeria needs a fundamental policy reset to durably exit the current economic crisis.
IMF is quite optimistic about the fortune of the global economy but expressed fear that the new Covid variant could derail economic recovery.
The IMF says close to 80% of the world’s central banks are not allowed to issue a digital currency under their existing laws.