The International Monetary Fund has expressed optimism on Nigeria’s economic recovery.

The IMF Research Department made this known at a Press Conference on World Economic Outlook at the World Bank-IMG annual meetings holding in Washington DC, USA.

The Deputy Director of Research, Oya Celasun said Economic recovery was being witnessed on the back of increased oil production following relative stability in the Niger Delta and improved Agricultural production.

She said along with South Africa and Angola, Nigeria’s improving performance helped to account for brighter prospects for Sub Saharan Africa.

She however sounded a note of caution, saying the recovery remained weak in addition to oil price instability.

IMF’s Economic Counsellor, Maurice Obstfeld advised countries to check their debt levels and make use of the recovery period to build savings in the event of future economic decline.

Mr. Obstfeld added that the best time to initiate economic reforms was in the time of growth as they were difficult to embark upon during recessions.

 

Biodun Dare/Washington DC