By Oyinkansayo Wole-Bodunde.
The International Monetary Fund (IMF) has stated that Nigeria’s projected economic growth of 3.1% in 2024 is dependent on the implementation of more robust reforms.
According to Dr. Christian Ebeke, IMF Resident Representative, Nigeria needs to build on its progress in areas like credit markets and financial sectors by introducing stronger governance and business regulations.
This will help transform its growth momentum into something more sustainable. However, challenges like insecurity, corruption, and inadequate power supply still need to be addressed.
Dr. Ebeke believes that these issues can be tackled through reforms, citing India as an example of a country that has successfully reduced bottlenecks and increased economic output.
At the same conference, Minister Adegboyega Oyetola highlighted Nigeria’s vast investment opportunities, particularly in the marine and blue economy sectors.
He emphasized the government’s commitment to creating an enabling environment for economic growth and attracting significant investments.
Governor Babajide Sanwo-Olu of Lagos State also spoke, emphasizing the state’s conducive business environment, strategic location, vast market, and talented workforce. He outlined his administration’s efforts to attract investments, create opportunities, and drive growth through infrastructure development and policy initiatives.
