The International Monetary Fund (IMF) has revised down Nigeria’s growth projections for 2023 and 2024 from 3.3 percent to 2.9 percent, respectively. This was revealed in the World Economic Outlook that was released today at the IMF/World Annual Meeting in Marrakesh, Morocco.
The revision reflects lower-than-expected oil and gas production, which was partly due to maintenance activities. The IMF also said that global headline inflation will gradually decline from its peak of 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024.
The report noted that higher-than-expected core inflation has led to a 0.6 percentage point adjustment to the 2024 forecast.
The World Bank also reduced Nigeria’s growth estimate for 2022 from 3.8% to 3.1%.
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