The IMF has reduced its forecast for Nigeria’s economic growth in 2024 to 3.1%, down from the earlier estimate of 3.3%.
This adjustment was due to weaker-than-expected growth in the first quarter of 2024, as noted in the IMF’s “July 2024 World Economic Outlook”.
Despite the downgrade for 2024, the IMF retained its 3.0% growth forecast for Nigeria in 2025.
The report highlighted that the overall growth forecast for sub-Saharan Africa was also revised downward, largely due to Nigeria’s weaker economic performance.
Globally, the IMF maintained its growth forecasts of 3.2% for 2024 and 3.3% for 2025. The report emphasized that ongoing services price inflation and heightened trade tensions are complicating efforts to stabilize monetary policies, potentially leading to prolonged higher interest rates.