IMF upgrades Nigeria’s economic growth projection to 3.2%

IMF Managing Director Kristalina Georgieva

The International Monetary Fund, IMF, upgraded its projection for Nigeria’s 2023 economic growth rate to 3.2 per cent representing 0.2 percentage points increase from the 3.0 per cent earlier projected in its October 2022 World Economic Outlook.

The IMF, in its January World Economic Outlook, based its upgrade on improved security measures in the oil sector.  But the IMF also indicated that the growth rate will slow down to 2.9 percent in 2024.

Also, the IMF’s  2023 projection is 0.55 percentage points lower than the 3.75 per cent economic (Gross Domestic Product, GDP) growth rate projected by the Federal Government.

It is, however, 0.3 percentage points higher than the World Bank’s projection of 2.9 per cent, and 0.1 percentage points higher than the African Development Bank’s projection of 3.1 per cent for Nigeria in 2023.

The IMF also projected that Nigeria’s improved economic growth in 2023 will lead to 4.1 per cent economic growth for the sub-Saharan Africa region. The IMF also upgraded its projection for the global economic contraction for 2023 to 3.4 per cent, from 2.9 per cent projected in October 2022.

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