The International Monetary Fund (IMF) has expressed reservations about the effectiveness of Nigeria's ongoing economic reforms under the leadership of President Bola Tinubu.
In its latest report on the economic outlook for sub-Saharan Africa, the IMF suggested that the current reform strategies may need adjustments.
The report advises President Tinubu to enhance communication with the public, implement "compensatory measures" to mitigate the negative impacts of these reforms, and develop policies that address widespread public concerns.
The IMF's recommendations highlight the need for a more inclusive approach to ensure the reforms achieve their intended economic benefits.
“This will require greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions,” the report advised.
IMF is not happy with the achievements of the reforms after President Tinubu’s 18 months in office.
The IMF, presented yesterday, November 15 at the Lagos Business School by Catherine Patillo, IMF Deputy Director, highlighted successes in countries such as Côte d’Ivoire, Ghana, and Zambia, but Nigeria was conspicuously absent from the list of nations demonstrating positive outcomes from reform efforts.
The report projected an average economic growth rate of 3.6% for sub-Saharan Africa in 2024, even as Nigeria’s growth rate is expected to lag at 3.19%, placing the country below the regional average.