The International Monetary Fund (IMF) in its latest World Economic Outlook update for January, released last night, has reviewed upwards growth projections for Nigeria in 2023 from 3.0 per cent which was projected in October last year to 3.2 per cent as it retained the growth forecast for 2024 at 2.9 per cent.
Earlier this month, the World Bank further reviewed the country’s projected growth to 2.9 per cent from 3.1 per cent last year. The World Bank in its January Global Economic Prospects release had said Nigeria’s slower growth for 2023 and 2024 reflects the downturn in its oil sector as well as the aftermath of rising insecurity and flooding.
Improved growth projection for Nigeria by the IMF also impacted the forecast for Sub-Saharan Africa which saw a slight upward review from 3.7 per cent to 3.8 per cent in 2023, whilst 2024 remained at 4.1 per cent. Global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024.
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