Abuja — The International Monetary Fund (IMF) warned Nigeria its economy needs urgent reform in a report published on Wednesday that highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document outlines a raft of failings in Nigeria’s handling of Africa’s largest economy and could affect talks over at least $1.4bn in international loans. It strikes a more critical tone than the IMF’s board adopted in a statement last week, though that also said Nigeria should lift its remaining foreign exchange restrictions and scrap its system of multiple exchange rates. Nigeria fell into recession in 2016, its first in 25 years, largely due to the impact of low oil prices and militant attacks on energy facilities in the Niger Delta oil hub. Crude sales account for more than 90% of foreign exchange earnings and two-thirds of government revenue. The country, whose economy contracted 1.5% last year, has also been plagued by a confli...

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