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IMF raises Nigeria’s economic growth projection for 2023 to 3.2%



The International Monetary Fund (IMF) on Wednesday raised Nigeria’s 2023 economic growth projection to 3.2 percent.

In its January 2023 World Economic Outlook (WEO) titled: “Inflation Peaking Amid Low Growth,” said the review of Nigeria’s growth projection for the year was due to measures put in place by the Federal Government to address oil theft and other challenges in the country’s oil sector.

The Bretton Wood institution, however, predicted that Nigeria’s growth rate would slow to 2.9 percent in 2024.

READ ALSO: Nigeria faces financial trouble, as IMF warns African oil producing nations

It also projected that countries in Sub-Saharan Africa would maintain a moderate 3.8 percent growth this year amid the prolonged fallout from the COVID-19 pandemic.

For the Middle East and Central Asia, the IMF expected a decline from 5.3 percent in 2022 to 3.2 percent this year.

The IMF had in October last year projected a 3.0 percent growth for Nigeria in 2023.

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