The International Monetary Fund (IMF) has forecasted a decline in Nigeria’s economic growth in 2023 and 2024, attributed to security issues in the oil sector.
The IMF’s latest report predicts Nigeria’s economy to grow at 3.2% in 2023, gradually declining to 3.0% in 2024, impacting its growth outlook for the Sub-Saharan African region.
The global growth projection also shows a decrease from 3.5% in 2022 to 3.0% in 2023 and 2024, primarily influenced by central bank policy rate increases and sovereign debt distress.
Opinion: Nigeria’s economic growth outlook remains challenged by security concerns in the oil sector, leading to an anticipated decline in the coming years. The country should focus on addressing these issues to attract investments and foster economic stability.