Stable forex, lower inflation will attract foreign direct investment to Nigeria – IMF
The International Monetary Fund (IMF) says stable exchange rates and lower inflation will attract more investments into Nigeria.
Ari Aisen, the IMF representative in Nigeria, disclosed this on Tuesday during an interview on Arise Television.
He reiterated support for the fuel subsidy removal and exchange rate unification, insisting that it will enhance the economic outlook of Nigeria.
Arisen stated that if inflation decreases, exchange rates become more predictable, leading to potential investment flowing into Nigeria, like an open door of opportunities.
He added that the country’s gross domestic product growth has been soft, which was expected because of the higher fuel prices and inflation.
“After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel and controlling exchange rate will lead to a much better outlook for the Nigerian economy,” he said.
Naijacrawl reports that Nigeria’s headline inflation rate in August stood at 25.80 percent, according to the National Bureau of Statistics.
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