The International Monetary Fund (IMF) has tweaked its growth forecast for Nigeria in 2024, shaving off a modest 0.2 percentage points to land at 3.1 percent. This revision, released in their July 2024 World Economic Outlook, reflects a slower-than-anticipated start to the year, with Nigeria’s first quarter (Q1) growth falling short of expectations.
The downgrade for Nigeria contributes to a slightly dimmer outlook for sub-Saharan Africa as a whole. While the region is still projected to expand at 3.7 percent in 2024, this marks a downward adjustment from the previously anticipated 3.8 percent growth.
The IMF cites weaker-than-expected Q1 performance in Nigeria as the primary reason for the revision. This highlights ongoing challenges to the nation’s economic trajectory, including persistent inflation and potential domestic hurdles alongside global supply chain disruptions.
Despite the downward adjustment, Nigeria’s projected growth remains above the sub-Saharan Africa average, with the IMF maintaining its 2025 growth forecast at three percent.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
