IMF: Nigeria needs stronger reforms to achieve 3.1% growth

Nigeria's economic growth outlook for 2024 is at the forefront of discussions, with the International Monetary Fund (IMF) emphasizing the need for stronger reforms to achieve the projected 3.1 per cent growth. In a recent interview on CNBC Africa, Femi Oladehin, Partner at Argentil Capital Partners, delved into the analysis of the country's economic landscape, highlighting key areas of concern and potential opportunities for growth. The IMF's call for reforms comes amidst a backdrop of challenges ranging from governance bottlenecks to regulatory hurdles, all of which have the potential to either hinder or propel Nigeria's economic trajectory. Oladehin's insights shed light on the complexities and possibilities that lie ahead for Africa's largest economy. As the Government plans to audit the 2.7 trillion-naira fuel subsidy claim by the Nigerian National Petroleum Company Limited, questions surrounding transparency, accountability, and investment appetite come to the forefront. These discussions are crucial in shaping the path for Nigeria's economic future, especially in the face of ongoing headwinds and uncertainties. From reducing the cost of governance to streamlining business regulations, the need for decisive action and strategic partnerships looms large on the horizon. As Nigeria navigates through these challenges, the upcoming visit by the President to China holds significance in fostering trade relations, boosting investments, and leveraging technological advancements. The push for policy stability, clarity on incentives, and a conducive business environment remains paramount in attracting both domestic and foreign investments. The journey towards a resilient and thriving economy demands collaborative efforts, innovative solutions, and a commitment to sustainable growth. With opportunities abound and challenges to overcome, Nigeria stands at a crossroads where strategic decisions and bold reforms can pave the way for a brighter tomorrow.