BY NKECHI NAECHE ESEZOBOR IN WASHINGTON DC—The International Monetary Fund (IMF) has said that the per capital income for Nigeria still remains largely weak.
Oya Celasun, the Division Chief, Research Department of the IMF gave the indication during the public presentation of the 2019 World Economic Outlook at the ongoing World Bank/IMF annual meetings in Washington DC.
The IMF added that the CBN forex restriction is limiting foreign investments into the Nigeria’s economy.
The IMF also noted that though there was a slight positive growth projection for Nigeria this year but not sufficient to turn per capital growth into positive. “There was slight upward review for growth this year. “
According to IMF the growth came mostly from strong agricultural production early in the year but not quite enough to turn per capital growth into positive.
The IMF said Nigeria currently has one of the lowest rates of revenue in the world, adding that a lot depends oil price and oil prospect.
“For sometime now, we have been emphasizing the need for comprehensive package to lift growth. One element of that will have to be stronger non- oil revenue mobilization. Nigeria has one of the lowest rates of revenue in the world, which has hit hard by the drop in oil prices. That is essentially for the country to be able to spend more on priorities, such as social safety and infrastructure.”