IMF Reviews Nigeria’s Growth Upwards To 3.2% Business IMF
for Nigeria in 2023 from 3.0 per cent which was projected in October last year to 3.2 per cent as it retained the growth forecast for 2024 at 2.9 per cent.
Earlier this month, the World Bank had further reviewed the country’s projected growth to 2.9 per cent from 3.1 per cent last year. The World Bank in its January Global Economic Prospects released had said Nigeria’s slower growth for 2023 and 2024 is a reflection of the downturn in its oil sector as well as the aftermath of rising insecurity and flooding.
Improved growth projection for Nigeira by the IMF also impacted forecast for Sub Saharan Africa which saw a slight upward review form 3.7 per cent to 3.8 per cent in 2023, whilst 2024 remained at 4.1 per cent. Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.
According to the IMF WEO for January, the Sub Saharan Africa growth is projected to remain moderate at 3.8 percent in 2023 amid prolonged fallout from the COVID-19 pandemic, although with a modest upward revision since October, before picking up to 4.1 percent in 2024. “The small upward revision for 2023 reflects Nigeria’s rising growth in 2023 due to measures to address insecurity issues in the oil sector. In South Africa, by contrast, after a COVID-19 reopening rebound in 2022, projected growth more than halves in 2023, to 1.2 percent, reflecting weaker external demand, power shortages, and structural constraints.”For the global economy. the forecast for 2023 is 0.
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