The managing director of the
International Monetary Fund, Christine Lagarde, has stated that the economy of
some West African nations, including Nigeria, is not growing at the same rate
as its population.
She made this statement on
Thursday while addressing the press at the ongoing International Monetary Fund
annual meetings holding in Washington.
She said, “Sub Saharan Africa
(which Nigeria is part of one) is one region of the world where growth is way
suboptimal. Those countries 2.5 percent. That is too low for the demographic
expansion of the region.
“There are different countries if
we are to look Rwanda it is a different situation from that of Togo and Ghana
is going to be different from Mozambique and so on.
“It is still to low for the
demographic growth. For that region to take advantage of the demographic
dividend of all the young people who are coming up and trying to have access to
the economy and have a job, it is too low.”
Lagarde said the organisation
would engage commodity-dependent countries on building up their buffers as such
countries are not faring as well as countries with diversified economies.
“We are engaging them in the
direction of stabilising; for those that are doing well, build up their buffers
and more importantly, diversify the sources of their economic growth.
“What we observed is that those
that are heavily commodity dependent are faring less well than those that are
well diversified,” she stated.
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