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IMF slashes Nigeria’s growth outlook as coronavirus ‘contaminates’ oil price

Nigeria’s growth forecast has been slashed to 2 percent from 2.5 percent by the International Monetary Fund (IMF), fuelled by the decline in oil prices on the back of the coronavirus outbreak.

The growth forecast for 2020 by the Washington-based institution “was revised down to 2 percent to reflect the impact of lower international oil prices,” the IMF said in a statement after concluding its Article IV consultation to Nigeria on Monday.

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According to the global institution, the deteriorating terms of trade and capital outflows will weaken the external position of the highest crude oil-producing nation in Africa.

With a challenging outlook under current policies, IMF said Nigeria would need policy reforms to withstand growing weaknesses.

 

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