Nigeria’s economic prospects are on an upward trajectory as the International Monetary Fund (IMF) adjusts its growth forecast for the country to 3.3% in 2024. This revision, disclosed in the IMF’s April World Economic Outlook during the 2024 Spring Meetings of the World Bank and IMF in Washington, reflects a promising outlook for Nigeria’s economic recovery.
This adjustment marks a notable increase of 0.3 percentage points from the previous forecast of 3.0% earlier in January 2024. However, the IMF adopts a more conservative stance for 2025, reducing Nigeria’s growth forecast to 3.0%, slightly down from the earlier projection of 3.1%.
The IMF maintains a steady forecast of 3.8% economic growth for the broader Sub-Saharan Africa region in 2024 but revises the 2025 forecast slightly downward to 4.0%, from the previously projected 4.1%.
Globally, the IMF raises its growth forecast for 2024 to 3.2%, up from the 3.1% projected in January 2024. The forecast for 2025 remains unchanged at 3.2%.
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While global growth is expected to remain stable, with advanced economies seeing a slight rise and emerging markets maintaining stability, sub-Saharan Africa is poised for growth, projected to increase from 3.4% in 2023 to 3.8% in 2024 and 4.0% in 2025.
The positive outlook for Nigeria and the region is attributed to factors such as the waning impact of previous weather shocks and gradual improvements in supply chain issues. Despite challenges, Nigeria’s economy is poised for growth, offering opportunities for investors and stakeholders alike.
As the IMF continues to monitor economic trends and provide insights, stakeholders are encouraged to leverage these forecasts to navigate opportunities and challenges in the evolving global economy.
