The US-based International Monetary Fund (IMF) has revised its economic growth forecast for Nigeria in 2023 to 3.2 per cent, indicating a gradual decline in projected growth for the subsequent year.
This adjustment aligns with previous April projections and is attributed to security challenges in the oil sector.
Related Posts
The IMF’s World Economic Outlook update, titled “Near-Term Resilience, Persistent Challenges,” also reveals an increased global economic growth forecast of 3.5 per cent for 2023, up by 0.2 percentage points.
Conversely, the IMF has slightly lowered its forecast for Sub-Saharan economic growth in 2023, now projecting it at 3.5 per cent.
The IMF projects that growth in sub-Saharan Africa will further decline to 3.5 per cent in 2023 before recovering to 4.1 per cent in 2024.
