The International Monetary Fund (IMF), Wednesday, welcomed Nigeria’s exit from economic recession and lauded its strong buildup in foreign exchange reserves. The Fund said this in a report released on Wednesday in Washington DC, USA, by its Executive Board after the conclusion of Article IV Consultation on Nigeria. According to the report, the Executive Directors of IMF welcomed Nigeria’s exit from recession and the strong recovery in foreign exchange reserves, helped by rising crude oil prices and new foreign exchange measures.

They commended the progress recorded by the Federal Government in implementing the Economic Recovery and Growth Plan (ERGP), including the convergence in foreign exchange windows, tight monetary policy and improvements in tax administration. But the IMF, however, noted that despite Nigeria’s exit from recession, the economy’s vulnerabilities are still elevated as growth remained fragile and susceptible to shocks. The directors noted further, that important challenges remain as growth in the non-oil, non-agricultural sector has not picked up.