Forbes, IMF differ on Nigeria’s economic growth

Forbes and the International Monetary Find (IMF) have differed on Nigeria’s economic growth in 2018 and projections for 2019.

Whilst Forbes sees Nigeria’s economy as the most performed in Africa in 2018 with good prospects for 2019, IMF reports a sluggish growth and perhaps a stunted economy by 2019.

The major research firm, Forbes Africa, in its recent report had rated Nigeria as the 2018 best economy in Africa.

According to Forbes, Nigeria came top with $172 billion, which was followed by South Africa with $166.735 billion, and Egypt on third position with $78 billion while Algeria placed fourth with $66 billion.

The report also named Libya with $65 billion in the fifth, Botswana with $22.675 billion as sixth and Ghana with $20.458 billion as seventh.

But addressing journalists at the ongoing annual meetings of the International Monetary Fund and World Bank Group in Bali, Indonesia, Gian Maria Milesi-Ferretti, deputy director at IMF’s research department said Nigeria’s economy is under performing.

The IMF projected that the nation’s economy will grow from 1.9 percent in 2018 to 2.3 percent in 2019 adding that Nigeria, South Africa and Angola’s slow growth economies are slowing the rest of Africa.

While Nigeria will grow from 1.9 percent in 2018 to 2.3 percent in 2019, South Africa and Angola were projected to move from 0.8 to 1.4 and -0.1 to 3.1 per cents respectively, the IMF said.

However, experts said the IMF verdict on Nigeria might be the true representation of Nigeria’s economic situation adding that there are significant reforms happening to turn the economic fortunes around.