IMF lauds FG over diversification strategy

The International Monetary Fund has lauded the efforts of the Federal Government for implementing a number of important measures, with the Economic Recovery and Growth Plan driving the diversification strategy and security in the Niger Delta.
The global institution’s staff team, led by the Senior Resident Representative and Mission Chief for Nigeria, Mr. Amine Mati, said the new Investor and Exporter FX window of the Central Bank of Nigeria had provided impetus to portfolio inflows, helped increase reserves above $30 billion and contributed to reducing the parallel market premium.
He said, “Preliminary data for the first half of the year indicate significant revenue shortfalls, with the interest-payments to revenue ratio remaining high (40 per cent at end-June) and projected to increase further under current policies. High domestic bond yields and tight liquidity continue to crowd out private sector credit.