Nigeria’s economic growth forecast at 3.3% in 2024 – IMF

The International Monetary Fund has adjusted Nigeria’s economic growth forecast to 3.3 per cent in 2024.

The revised forecast for April was disclosed on Tuesday in IMF’s World Economic Outlook.

The updated forecast marks an increase of 0.3 percentage points from the previous 3.0 per cent growth prediction published in the IMF’s January 2024 World Economic Outlook.

However, the IMF has a firm stance for 2025, reducing Nigeria’s economic growth forecast to 3.0 per cent, a slight decrease from the 3.1 per cent projected earlier in January.

Within the broader Sub-Saharan Africa region, the IMF has maintained its 3.8 per cent economic growth forecast for 2024 but has revised the 2025 forecast downward to 4.0 per cent from the previously projected 4.1 per cent.

“The projection for 2024 is revised up by 0.1 percentage point from the January 2024 WEO Update and by 0.3 percentage point to the October 2023 WEO forecast. Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 per cent, reflecting restrictive monetary policies, withdrawal of fiscal support, and low underlying productivity growth, ” the Washington-based stated.