IMF predicts 3% fall in Nigeria’s economic growth

By Mbafan Ade (BUSINESS CORRESPONDENT) –

Nigeria’s economic growth is projected to fall from 3.2% in 2023 to 3.0% in 2024, according to International Monetary Fund (IMF).

In its ‘World Economic Outlook: A Rocky Recovery (2023 Apr),’ the IMF retained Nigeria’s 3.2% economic growth projection for 2023 in its recent world economic outlook update.

The report, which was released on Tuesday, Nigeria’s 2024 economic growth projection was improved to 3.0% from January update which stood at 2.9%.

According to the IMF, the country’s economy showed a 3.3% growth in 2022, adding that global economic growth is expected to fall from 3.4% in 2022 to 2.8% in 2023.

“The baseline forecast is for growth to fall from 3.4 per cent in 2022 to 2.8 per cent in 2023, before settling at 3.0 percent in 2024,” said the IMF.

“Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 per cent in 2022 to 1.3 per cent in 2023,” it added.