IMF president Christine Largade/Photo: AFP
IMF president Christine Largade/Photo: AFP

The International Monetary Fund (IMF) has said that Nigeria’s economy is doing poorly and as such stunting the growth of the African economy.

This was said by the IMF Deputy Director of Research Gian Milesi-Ferretti at the Annual General Meetings of the ongoing IMF/World Bank in Bali, Indonesia.

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Milesi-Ferretti said that South Africa and Angola’s economies are also not doing well and slowing down economic growth in the continent.

“Nigeria’s growth, 1.9 percent this year; 2.3 next year. South Africa, only 0.8 percent this year; Angola, contracting by 0.1 percent this year,” he said.

“So, the aggregate – over three percent this year, close to four percent next year – is despite the largest economies in the continent doing poorly.

“The continent could do much better once these economies are on a more solid footing, particularly South Africa and Nigeria because they are really large and affect a number of countries in their neighborhood.”