Nigeria’s GDP: IMF projects positive growth 2017


The International Monetary Fund (IMF) has projected 0.8 percent Gross Domestic Product (GDP) growth for Nigeria in 2017, a little below World Bank’s projections of 1 percent growth for the period. Both projections are signifying Nigeria’s economic recovery from the current recession.

In a global economic outlook report released, the IMF also projected that Nigeria’s economy will grow at 0.7 per cent in 2018. The IMF had in October last year forecasted that the nation’s economy would grow at 0.2 per cent in 2018 but this was reviewed upwards to 0.8 per cent this January.

The IMF said the upward review was as a result of positive prospects in the Nigerian economy likely to manifest this year. “Nigeria’s forecasts were also revised up, primarily reflecting higher oil production due to security improvements, ” the IMF stated in its report.

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