There is light at the light of the tunnel for Africa’s most populous nation, as the International Monetary Fund (IMF) expects the country’s economic output and oil production to upswing by the end of 2018.
In a report seen by BusinessDay, the Fund expects real GDP to increase to +0.8 percent and +1.90 percent for the years 2017 and 2018 respectively from -1.50 percent as at the end of 2016.
The IMF also projects a favourable balance of payment, as exports of goods and services are expected to jump to +33.0 percent and +7.30 percent in years 2017 and 2018 compared to -21.90 percent in 2015.
Similarly, imports will move to +17.50 percent and +5.70 percent in years 2017 and 2018 respectively from -34.40 percent as at 2015.
The government has a revenue target of N2 trillion from oil and N1.37 trillion from non-crude sources, including tax collections, according to information from the Ministry of Budget and National Planning.
BALA AUGIE
