The International Monetary Fund (IMF) has revised Nigeria’s economic growth forecast for 2024 upward from three percent to 3.3 percent. This adjustment was announced as part of the IMF’s World Economic Outlook for April, released during the ongoing 2024 Spring Meetings of the World Bank and IMF in Washington, United States. It represents an increase of 0.3 percentage points from the previous forecast published in January.
However, the IMF has taken a more cautious approach for 2025, reducing Nigeria’s economic growth forecast to 3.0 percent, slightly lower than the 3.1 percent projected earlier. In the broader Sub-Saharan Africa region, the IMF has maintained its 3.8 percent economic growth forecast for 2024 but revised the 2025 forecast downward to 4.0 percent, from the previously projected 4.1 percent.
Globally, the IMF has raised its growth forecast for 2024 to 3.2 percent, up from 3.1 percent projected in January, with the forecast for 2025 remaining unchanged at 3.2 percent. The report also notes that advanced economies are expected to see a slight rise in growth, mainly due to a recovery in the euro area, while emerging market and developing economies are anticipated to experience stable growth through 2024 and 2025, albeit with regional differences.
Source: Punch