Economic projection: Nigerian economy will grow by 3.4 per cent in 2022 — IMF

By Uthman Salami

The International Monetary Fund has projected Nigeria’s economy to rise by 3.4 per cent in 2022.

This projection is in accordance with its latest world economic outlook projections.

According to the projection, a 3.1 per cent growth is expected to be recorded by the nation in 2023 as against 3.4 per cent and 3.6 per cent in 2023 and 2021 respectively.

Meanwhile, Sub-Sahara Africa is expected to witness a growth of 4.5 per cent in 2021, 3.8 per cent in 2021.

Owing to the unending war in Ukraine which has led to sanction of Russian by key world economy players around the globe, the global economy is also projected to have a growth of 3.6 per cent in 2022 and 2023.

“Compared to our January forecast, we have revised our projection for global growth downwards to 3.6 per cent in both 2022 and 2023. This reflects the direct impact of the war on Ukraine and sanctions on Russia, with both countries projected to experience steep contractions.

“This year’s growth outlook for the European Union has been revised downward by 1.1 percentage points due to the indirect effects of the war, making it the second-largest contributor to the overall downward revision,” it said.