IMF Raises Nigeria’s Economic Growth Forecast to 3.3% for 2024
Written by Deborah Oyinloye on April 17, 2024
The International Monetary Fund (IMF) has revised Nigeria’s economic growth forecast upwards for 2024 from three percent to 3.3 percent. This adjustment was announced in the IMF’s World Economic Outlook for April, released during the ongoing 2024 Spring Meetings of the World Bank and IMF in Washington, United States.
The updated forecast reflects an increase of 0.3 percentage points from the previous prediction of 3.0 percent growth published in the IMF’s January 2024 World Economic Outlook. However, the IMF has taken a slightly more conservative stance for 2025, reducing Nigeria’s economic growth forecast to 3.0 percent, a slight decrease from the earlier projection of 3.1 percent in January.
Within the broader Sub-Saharan Africa region, the IMF has maintained its economic growth forecast at 3.8 percent for 2024 but has revised the 2025 forecast downward to 4.0 percent from the previously projected 4.1 percent.
Globally, the IMF has raised its growth forecast for 2024 to 3.2 percent, up from the 3.1 percent projected in the January 2024 World Economic Outlook. The forecast for 2025 remains unchanged at 3.2 percent.
According to the IMF, global growth is projected to continue at the same pace in 2024 and 2025, although it remains below the historical annual average of 3.8 percent due to restrictive monetary policies, withdrawal of fiscal support, and low underlying productivity growth.
Advanced economies are expected to see slight growth rises, mainly due to recovery in the euro area, while emerging markets and developing economies are forecasted to experience stable growth through 2024 and 2025.
In sub-Saharan Africa, the IMF projects an increase in growth from 3.4 percent in 2023 to 3.8 percent in 2024 and 4.0 percent in 2025, attributed to the diminishing impact of previous weather shocks and gradual improvements in supply issues. Positive revisions for Nigeria offset negative adjustments for Angola due to a contraction in the oil sector.
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Author: Deborah Oyinloye
With an interest in media, Deborah aims to impart the lives of people positively.
