IMF cuts growth projection for Nigeria from 3.3% to 2.9%

The International Monetary Fund has reduced Nigeria’s growth projection from 3.3 percent to 2.9 percent for 2023 and 3.1 for 2024 respectively. 

This was conveyed in the World Economic Outlook released at the Annual Meeting of the IMF/World in Marrakesh, Morocco earlier today.

The growth projection was reduced due to reflecting weaker oil and gas production than expected, partially due to maintenance work. The IMF said global headline inflation is expected to steadily decline from its peak of 8.7 per cent in 2022 (annual average) to 6.9 per cent in 2023 and 5.8 per cent in 2024.

It said the forecast for 2024 is revised upward by 0.6 percentage points, reflecting higher-than-expected core inflation.

The World Bank had also cut Nigeria’s 2022 growth forecast to 3.1% from a previous forecast of 3.8% in 2022.