IMF retains 3.2% economic growth forecast for Nigeria

The US-based Intern ational Monetary Fund (IMF) has retained its 3.2 per cent forecast for Nigeria’s economic growth in 2023.

IMF disclosed this in its recent World Economic Outlook update titled “Near-Term Resilience, Persistent Challenges.”

The development bank also raised the forecast for global economic growth in 2023 by 0.2 per cent points to 3.5 per cent.

Meanwhile, IMF lowered its forecast for Sub-Saharan economic growth in 2023 by only 0.1 per cent to 3.5 per cent.

According to IMF: “In sub-Saharan Africa, growth is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024. Growth in Nigeria in 2023 and 2024 is projected to decline gradually, in line with April projections, reflecting security issues in the oil sector.”

Recall that IMF in April projected a 3.2 per cent economic growth rate for Nigeria.