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IMF projects Nigeria’s economy to grow by 2.7% in 2022

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Nigeria’s oil and gas export to fall by $26.5bn –IMF

The International Monetary Fund (IMF) on Thursday predicted Nigeria’s economy to grow by 2.7 percent in 2022.

The IMF disclosed this in its October Regional Economic Outlook for Sub-Saharan Africa titled: “One planet, two worlds, three stories,” made available to journalists at the ongoing Annual Meetings with the World Bank in Washington, United States.

It said the growth would be driven by the recovery in non-oil sectors and higher oil prices.

The agency said: “Growth will inch up slightly to 2.7 percent in 2022 and remain at this level over the medium term, allowing the Gross Domestic Product (GDP) per capita to stabilise at current levels, notwithstanding long-standing structural problems and elevated uncertainties.”

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The IMF outlook also estimated that Sub-Saharan Africa’s economic growth would be 3.7 percent in 2021 and 3.8 percent in 2022.

The Bretton Woods institution stressed that the recovery would be supported by favorable external conditions on trade and commodity prices.

It also stated that the region had benefited from improved harvests and increased agricultural production in a number of countries.

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