Nigeria’s projected real GDP growth for 2022 has been lowered by the International Monetary Fund from 3. 4% to 3%, citing poor oil output and the negative consequences of recent floods.
Nigeria is presently fighting to stop petroleum theft and instability in its oil-producing areas, which have reduced oil output and government income.
Additionally, the nation is working to stabilize its weak currency, rein in rising inflation, and accelerate growth.
The IMF reported in June that, with the exception of oil, all sectors of Nigeria’s real GDP were growing, but inflation remained high.
The Nigerian Central Bank will hold a meeting to announce the results of its rate-setting meeting. Few analysts anticipate that the bank will decide to maintain rates at 15.5%.