|“For Nigeria to bridge the recessionary gap and attain a long-term GDP growth trajectory that is both sustainable and job-creating, the timing and pace of economic reform are crucial and cannot be politicised. The subsidies in the economy have to be tackled. The most notable are the ones on forex, fertilisers, petrol, electricity and the money market.
“While the move to market-determined rates has been somewhat reluctant and has been met with resistance, it is necessary for the creation of economic incentives and investor confidence. Only this has the capacity to propel Nigeria to an accelerated GDP growth path.”
The Fund had put the country’s growth estimate at 2.5 per cent, which is a far cry from the six per cent global average projection. But Director-General of the Institute of Fiscal Studies, Godwin Ighedosa, dismissed the growth, saying it is coming from the low figure recorded last year and that it adds no value to the wellbeing of the people.
He said: “We are not seeing the positive figures that do not affect the lives of the people. Food prices are going up, which is the major concern of the average family. The prices are going up because there is a shortage of supply.”