• Says current growth path could delay per capita income gains in 50 Years
Nume Ekeghe
International Monetary Fund (IMF) has urged Nigeria and other Sub-Saharan African economies to urgently abandon debt-driven and state-led growth models in favour of private sector-led expansion.
IMF warned that current growth trends across the region were too weak to significantly improve living standards, and could leave per capita incomes taking nearly 50 years to double.
In its latest Regional Economic Outlook for Sub-Saharan Africa, titled, “Africa Needs a Growth Reset,” IMF said rising debt burdens, expensive borrowing costs, and declining development assistance had exposed the limitations of growth strategies heavily dependent on government spending and commodity booms.
