The International Monetary Fund says the potential consequences of imposing limits on fuel prices and reducing electricity tariffs in Nigeria could result in a 3 per cent decrease in the country’s Gross Domestic Product.
IMF said, “Addressing food insecurity is the immediate priority. The recent approval of a well-targeted and effective social protection system is an important step towards addressing food insecurity in Nigeria, and its implementation will be crucial.”
IMF said, the announcement of the Monetary Policy Committee (MPC) to implement additional measures to tighten monetary policy is focused on curbing inflation and addressing challenges affecting the Naira.
“Nigeria’s economic outlook is challenging. Economic growth strengthened in the fourth quarter, with Gross Domestic Product, GDP, growth reaching 2.8 per cent in 2023. This falls slightly short of population growth dynamics.
“Improved oil production and an expected better harvest in the second half of the year are positive for 2024 GDP growth, which is projected to reach 3.2 per cent, although high inflation, Naira weakness, and policy tightening will provide headwinds
“With about eight per cent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority. In this regard, staff welcomed the authorities’ approval of an effective and well-targeted social protection system.
“The team also welcomed the government’s release of grains, seeds, and fertiliser, as well as Nigeria’s introduction of dry-season farming.”
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