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IMF projects Nigeria’s economy to grow by 3.3% in 2024



In its latest update, the International Monetary Fund has revised Nigeria’s economic growth forecast for 2024 to 3.3%.

Released in the IMF’s World Economic Outlook on Tuesday, this adjustment represents a 0.3% increase from the initial prediction of 3.0% made in April.

Looking ahead to 2025, the IMF anticipates a slight dip in Nigeria’s economic growth to 3.0%, down from the previously projected 3.1% in January.

Across Sub-Saharan Africa, the IMF has maintained its forecast of 3.8% economic growth for 2024. However, there has been a downward revision to 4.0% for 2025, compared to the earlier projection of 4.1%.

The IMF’s statement from Washington highlighted that while the 2024 forecast has been revised upwards based on previous reports, both 2024 and 2025 global growth rates fall short of the historical average. This is attributed to factors like tight monetary policies, reduced fiscal support, and sluggish productivity growth.