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The International Monetary Fund has downgraded Nigeria’s economic growth by 0.3 per cent. According to the report, ‘2023 World Economic Outlook,’ which was released yesterday, at its ongoing yearly Meetings in Marrakech, Morocco, IMF..
In the same vein, sub-Saharan Africa growth was put at 3.3 per cent in 2023 before accelerating to 4.0 per cent in 2024.There have been downward revisions of 0.2 and 0.1 per cent for 2023 and 2024, respectively. “Collaborative efforts across various domains are essential, and it’s crucial to avoid further fragmentation in the global economic landscape as it could lead to costly delays. A pressing concern is the imperative to rebuild confidence in multilateral frameworks.
Economic Counsellor, Pierre-Olivier Gourinchas, who wrote the foreword of the report, said: “All countries should aim to limit geoeconomic fragmentation that prevents joint progress toward common goals and instead work toward restoring trust in rules-based multilateral frameworks that enhance transparency and policy certainty and help foster shared global prosperity. A robust global financial safety net with a well-resourced IMF at its centre is essential.
With about 70 registered fertilizer-blending plants in the country, Nigeria has the capacity to produce eight million metric tonnes of fertilizer per year, industry experts have revealed.
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