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The International Monetary Fund (IMF) says achieving Nigeria’s projected 3.1 per cent economic growth outlook for 2024 is dependent on implementing stronger reforms.
IMF Resident Representative, Christian Ebeke, said this on Tuesday at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2024, which had the theme, 'Invest Nigeria.'
Mr Ebeke said that further reforms on governance and business regulations were needed for the country to grow slightly from the 2.9 per cent rate of 2023.
He said such reforms would transform its growth momentum into something more durable.
However, he said that the country had recorded progress in its credit market, as well as in the financial and external sectors.
Ebeke said, “Insecurity, tight financial conditions, multiple taxes, insufficient power and corruption are foremost constraints identified by businesses.
“What comforts the IMF is that these issues can be addressed by the Nigerian government, and they are currently being addressed through reforms by the Federal Government.
“And we are encouraged by the fact that these issues can be reversed.”
He said that Nigeria should close the structural gaps like India, by reducing governance and business regulation bottlenecks by 25 per cent.
According to him, if that is done, the Gross Domestic Product (GDP) output can be lifted by 6.4 per cent in the next three years.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, said Nigeria’s strategic location and abundant resources presented vast investment opportunities, particularly in the marine and blue economy sectors.
Oyetola said that in spite of existing challenges, government was committed to creating an enabling environment to foster economic growth to attract significant investments.
He highlighted some of government’s incentives designed to drive investment in the marine and blue economy sector to include tax exemptions for businesses operating in free trade zones, and infrastructural support.
He added that government had provided new export opportunities for the marine sector under the Guided Trade Initiative (GTI) of the African Continental Free Trade Area (AfCFTA), the Cabotage Vessel Financing Fund (CVFF) among others.
President of LCCI, Mr Gabriel Idahosa, said that the conference was pivotal to Nigeria’s journey towards stabilising the economy and driving sustainable economic growth and development.
Idahosa said that the event was a unique opportunity to explore new avenues for investment, foster innovative partnerships, and chart a course toward a more prosperous future for Nigeria and the African continent.
He said that Nigeria, blessed with vast resources and an entrepreneurial spirit, was home to the largest economy in Africa, a burgeoning middle class, and a youthful population eager to contribute to the global economy.
He said, “To fully harness the nation’s potential, there must be an enabling environment to support business growth, encourage innovation, and ensure that local and international investors remained confident of their investments.
“We urge the government to create a policy and regulatory environment to attract foreign investments into building factories in Nigeria to manufacture the many products we import today.”
Meanwhile, Ambassadors to countries such as Belgium, Germany, Israel, Bulgaria, India, Ireland, Kenya and Bangladesh affirmed their commitments to deepening partnerships with Nigeria across several sectors of its economy in mutually beneficial ways.
(NAN)
