nternational Monetary Fund (IMF) says the Nigerian economy is recovering from a historic downturn benefitting from government policy support, rising oil prices and international financial assistance.
IMF disclosed this in a statement issued from its headquarters in Washington D.C. on Monday.
The organisation said Nigeria exited the recession in fourth quarter 2020 and output rose by 4.1 per cent (year-on-year) in the third quarter, with broad based growth except for the oil sector, which is facing security and technical challenges.
“Growth is projected at 3 per cent for 2021.
“Headline inflation rose sharply during the pandemic reaching a peak of 18.2 per cent year-or-year in March 2021 but has since declined to 15.6 per cent in December, helped by the new harvest season and opening of land borders.
