The International Monetary Fund (IMF) has revised its forecast for Nigeria’s economic growth upwards, predicting a 3.3 percent expansion in 2024. This represents an improvement from the 3.0 percent growth projected earlier in January 2024.
The IMF’s optimism stems from several factors, including an improved recovery in Nigeria’s oil sector, a more stable security situation, and positive developments in agriculture. These improvements are expected to boost overall economic activity in the country.
This news comes alongside the IMF’s slightly revised global growth forecast. The global economy is now anticipated to grow at 3.2 percent in both 2024 and 2025, reflecting a modest increase from previous projections.
However, the IMF’s outlook for Nigeria’s growth in 2025 requires some caution. The latest forecast predicts a dip to 3.0 percent growth in 2025, suggesting the initial boost may not be long-lasting. For sustained economic progress, Nigeria needs to tackle lingering security issues and diversify its economy beyond oil reliance, according to the IMF report.
