The International Monetary Fund (IMF) has maintained its 2023 growth forecast for Nigeria at 3.2 per cent and three per cent for 2024, same figures it had projected for the country in April 2023. The Washington-based institution made the projections in its latest World Economic Outlook (WEO) released yesterday.

In the report titled, ‘Near-Term Resilience Persistent Challenges’ it also predicted that Sub-Saharan Africa (SSA) would experience a decrease in growth, projected at 3.5 per cent in 2023, followed by a recovery to 4.1 per cent in 2024.

Similarly, it estimated that Nigeria’s growth prospects for 2023 and 2024 were anticipated to gradually decline, aligning with the projections made in April, primarily due to security concerns in the oil sector.

It states: “In sub-Saharan Africa, growth is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024. Growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April projections, reflecting security issues in the oil sector.