Nigeria’s Economic Growth Forecast is Increased by 0.3% by the IMF

Apr 18, 2024 | International | 0 comments

The International Monetary Fund (IMF) has adjusted its forecast for Nigeria’s economic growth in 2024, raising it to 3.3 percent from the previously announced 3.0 percent projection in January. However, the IMF has lowered its growth forecast for the country for the following year to 3.0 percent from the earlier 3.1 percent forecast in January.

In its April 2024 World Economic Outlook (WEO) report, titled “Steady but slow: Resilience amid divergence,” the IMF maintained its January forecast of 3.8 percent economic growth for sub-Saharan Africa in 2024. However, it revised the growth projection for the region in the following year to 4.0 percent, down from the earlier 4.1 percent forecast in January.

Globally, the IMF increased its growth forecast for 2024 to 3.2 percent, up from the 3.1 percent projected in the January 2024 WEO. It retained the forecast at 3.2 percent for 2025. The IMF anticipates global headline inflation to decrease from an annual average of 6.8 percent in 2023 to 5.9 percent in 2024 and further to 4.5 percent in 2025. It advises central banks worldwide to ensure inflation is steadily returning to target levels.

Daniel Leigh, division chief of the research department at IMF, speaking at the WEO news conference in Washington DC, stated that the Fund expects Nigeria’s inflation rate to decrease to 26 percent this year. He noted that Nigeria’s growth is steady, showing an increase from 2.9 percent last year to 3.3 percent this year.

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