*The International Monetary Fund (IMF) stated that Nigeria’s economy, currently growing at 3.19%, could reach a 5% growth rate by reducing governance and business regulation bottlenecks by 25%.
This was highlighted by Dr. Christian Ebeke, the IMF’s Resident Representative, during the 2024 International Business Conference and Expo in Lagos.
Dr. Ebeke emphasized that closing the structural gaps in governance and business regulations could significantly boost Nigeria’s economic growth.
The IMF’s analysis suggests that such reforms could increase the country’s output by 6.4% over the next three years, potentially leading to sustained economic growth.In addition, Nigerian officials discussed ongoing government efforts to attract investment, improve port efficiency, and encourage foreign investments in various sectors.
The conference, organized by the Lagos Chamber of Commerce & Industry, aims to support the government’s push for economic diversification and reduced reliance on oil.
Punch