From Nik Ogbulie’s MONEY REPORT in Bali, Indonesia
The Head of the African Regional office at the International Monetary Fund, IMF, Abebe Aemro Selassie has described Nigeria as one of the eight African countries in debt distress.
He said this while speaking to over 1000 participants at a session on African Development on the sidelines of the ongoing IMF meetings in Indonesia. He noted that African debt trap is fast becoming a heavy burden as all growth indicators are pointing downwards even as most of the oil exporting countries are engrossed in the ensuing quagmire.
According to him, Nigeria’s foreign exchange regime is retrogressive according to global practices where rates are now flexible in response to the dynamics of global economy
Nigeria’s Budget and Planning Minister, Senator Udo Udoma, who represented the government did not have much to say in terms of plans and positive activities that are capable of reversing the ugly trend, which the IMF described as largely very appalling. Udoma blamed the country’s poor economy on the activities of the herdsmen which he said distorted investment and other activities.