The US-based International Monetary Fund (IMF) has retained its 3.2 percent forecast for Nigeria’s economic growth in 2023.
IMF disclosed this in its recent World Economic Outlook update titled “Near-Term Resilience, Persistent Challenges.”
The development bank also raised the forecast for global economic growth in 2023 by 0.2 percent points to 3.5 percent.
Meanwhile, IMF lowered its forecast for Sub-Saharan economic growth in 2023 by only 0.1 percent to 3.5 percent.
According to IMF: “In sub-Saharan Africa, growth is projected to decline to 3.5 percent in 2023 before picking up to 4.1 percent in 2024. Growth in Nigeria in 2023 and 2024 is projected to decline gradually, in line with April projections, reflecting security issues in the oil sector.”
IMF in April projected a 3.2 percent economic growth rate for Nigeria.