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Nigeria is exiting recession, says IMF

Staff Writer | December 23, 2017
Nigeria is exiting recession but its economy remains vulnerable, the International Monetary Fund (IMF) said.
Africa   Economy remains vulnerable
The regional power climbed out of its first recession in a quarter of a century in the second quarter, but economic growth remains sluggish.

That has contributed to a cycle of poverty that drives Nigeria's yawning wealth inequality as well as social unrest.

"Overall growth is slowly picking up but recovery remains challenging," the IMF said in a statement about the review.

Macroeconomic and structural reforms remain urgent to contain any vulnerability, it said.

"In the absence of new policies, the near-term outlook remains challenging," the IMF said.