The International Monetary Fund (IMF) says the various reforms carried out by Nigerian President, Bola Tinubu, are not working for the country as the government is still struggling for positive impacts 18 months into ythe life of the administration.

In it latest outlook report of the sub-Sahara Africa released on Friday, the IMF indicated that the broad-based economic reforms embarked upon by the current federal government were still to create positive impacts on the Nigerian citizens.

The IMF report, which also acknowledged a few countries that had recorded little success through reforms, categorically mentioned Nigeria amongst those failing to meet desired results, predicting that the average economic growth rate in the sub-Saharan region would remain at 3.6 per cent for the full year 2024, but put Nigeria’s growth rate at 3.19 per cent, below the average.

Presenting the report at the Lagos Business School (LBS), IMF Deputy Director, Catherine Patillo, said the macroeconomic imbalances in the region have started reducing with notable improvements in some countries, but excluded Nigeria in the good news.

“More than two-thirds of countries have undertaken fiscal consolidation. With the median primary balance is expected to narrow by 0.7 percentage points alone in 2024. And these have included notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others,” Patillo said.

‘‘On the imbalances side, median inflation has declined in many countries. And it’s already within or below the target band in about half the countries.

“But contrary to this position, Nigeria’s inflation which had slowed down in July and August returned to uptrend in September 2024 with further rise in October while analysts predict that November and December would sustain the uptrend.

“Also at current 33.8 percent, Nigeria’s inflation rate is largely off the 21 percent target for 2024.

‘‘Inflation is still in double digits in almost one-third of countries, including Angola, Ethiopia, and Nigeria, and above target in almost half of the region, particularly where monetary policy is not anchored by exchange rate pegs.”

Patillo went on to say that though exchange rate was improving across most countries in the region, it was not the same in Nigeria.

“Looking further at exchange rates, we do see that foreign exchange pressures have largely abated since the end of 2023.

“Nigeria has however recorded the worse exchange rate instability and local currency depreciation so far this year.

“Debt service capacity remains low by historical standards. In almost one-quarter of countries, interest payments exceed 20 percent of revenues, a threshold statistically associated with a high probability of fiscal stress. And rising debt service burdens are already having a significant impact on the resources available for development spending.

‘‘The median ratio of interest payments to revenues (excluding grants) currently stands at 12 percent. Some three-quarters have already witnessed an increase in interest payments (relative to revenue) since the early 2010s (comparing the 2010–14 average with the 2019–24 average). In Angola, Ghana, Nigeria, and Zambia, this increase in interest payments alone absorbed a massive 15 percent of total revenue,” Patillo added.

Looking into the near future, the IMF report painted a picture of mixed fortune for the region but grouped Nigeria amongst those that are still on the downside being one of the resource-intensive countries in the region. It also hinted that economic reforms and adjustments in Nigeria are faced with social and political resistance.

“Resource-intensive countries (RICs) continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most.

“Second, both domestic and external financing conditions remain tight. Third, the region has recently witnessed several episodes of political fragility and social unrest. Political and social pressures are making it increasingly challenging to implement policy adjustments and reforms.

“Significant increases are anticipated in Ghana, as it continues reestablishing macroeconomic stability; Botswana and Senegal, reflecting rising resource exports (diamonds, oil, and gas); and Malawi, Zambia, and Zimbabwe, as they recover from drought. Growth is also expected to improve in South Africa, given positive post-election sentiment and a reduction in power outages.”