IMF, World Bank to Buhari: Your Claims on Economic Recovery Not True

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World Bank and International Monetary Fund Wednesday faulted Nigeria’s economic recovery claim, and listed Nigeria among some African countries with weak economic recovery.

The World Bank’s stand was contained in the 20th edition of Africa’s Pulse, World Bank’s twice-yearly economic update for the region.

“Beyond Sub-Saharan Africa’s regional averages, the picture is mixed. The recovery in Nigeria, South Africa, and Angola—the region’s three largest economies—has remained weak and is weighing on the region’s prospects.

“In Nigeria, growth in the non-oil sector has been sluggish, while in Angola the oil sector remained weak. In South Africa, low investment sentiment is weighing on economic activity.

“Excluding Nigeria, South Africa, and Angola, growth in the rest of the subcontinent is expected to remain robust although slower in some countries,” World Bank said.

On its own part, IMF noted that economic outlook for Nigeria under the current policies of government remained challenging.

IMF, in…

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