According to the IMF,
The International Monetary Fund has downgraded Nigeria’s economic growth forecast for the year 2023 to 2.9%.The latest forecasts were contained in the IMF’s World Economic Outlook report, October 2023 released on the sidelines of the ongoing World Bank/IMF Annual Meetings in Marrakesh, Morocco.
“Partly, this is because of the demonetization, the high inflation, and the shocks to agriculture and hydrocarbon output. That is coming on top of those external headwinds,”IMF bemoaned the negative effects of high inflation on consumption of goods and services across the continent of Africa “The shocks hitting growth are diverse, but there are several external ones coming from the higher food and fertilizer prices still from the war in Ukraine; the funding squeeze‑‑harder to get capital; and the still very high spreads, therefore, for several economies; and exchange rate pressures,” the statement also detailed
Likewise, the IMF special report, titled, “In Pursuit of Stronger Growth and Resilience called for a cooperative approach to maintain economic stability
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