The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3.1 percent in 2024, down from the 3.3 percent projected in April.
According to the IMF’s latest World Economic Outlook released on Tuesday, the downgrade is attributed to a lower-than-expected activity in the first quarter of the year.
The IMF retained its 3.0 percent forecast for Nigeria’s economic growth in 2025.
It downgraded its forecast for sub-Saharan Africa’s economic growth in 2024 to 3.7 percent, down from the April forecast of 3.8 percent.
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The IMF however increased its forecast for economic growth in the region for 2025 to 4.1 percent, up from 4.0 percent in its April projection.
The IMF retained its global economic forecast at 3.2 percent in 2024 and 3.3 percent in 2025, further forecasting that global inflation will continue to decline, with inflation expected to remain higher in emerging markets and developing economies than in advanced economies.
(Editor: Oloyede Oworu)
