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Nigerians express Mixed feelings on IMF rating

NIGERIANS have expressed mixed feelings on the rating of Nigeria as the third fastest growing economy in the world.

The International Monetary Fund (IMF), at its last annual meeting in Washington DC, United States, rated Nigeria as the third fastest growing economy in the World, after China and India.

The Minister of Finance, Mr Olusegun Aganga, who was at the meeting, described the rating as a good development, coming at a time when the economies of the developed countries were contracting,
He ascribed the achievement to policies initiated by the Federal Government, adding that the economy would witness a complete turnaround in a very short time.

But while some Nigerians who were interviewed by the News Agency of Nigeria (NAN) in Lagos, on Wednesday, commended the rating, others questioned it, saying the country did not deserve such cheery rating.

President of the Nigeria Economic Society (NES), Mr Kenneth Adeyemi, said with the rating, the country was on the right track to achieve the objectives of Vision 20:2020.

But the chairman of the Lagos State chapter of the National Association of Small Scale Industrialists (NASSI), Mr Duro Kuteyi, urged the Federal Government to address various challenges confronting the economy before it could be reckoned with as one of  the fastest growing economies.

He said until the issues of epileptic power supply, poor infrastructure, bad roads, among others, were tackled, the country would remain under-developed.

President of the Nigerian-Ukrainian Business Council, Mr John Udeagbala, shared Kuteyi’s sentiments, saying that industrial capacity utilisation in the country was still under 40 per cent.

However, a former director of the Central Bank of Nigeria (CBN), Mr Chris Namedia, described the rating as a good development.

He said Nigeria deserved better achievement at this stage, adding that the country should be competing with such countries as China and the rest.