The International Monetary Fund (IMF) has reduced its 2024 economic growth forecast for Nigeria to 3.1%, down 0.2 percentage points from its previous 3.3% prediction.
This adjustment, detailed in the July 2024 World Economic Outlook, is attributed to weaker-than-expected growth in the first quarter of 2024.
The IMF, however, maintained its 3.0% growth forecast for Nigeria in 2025. Consequently, the Sub-Saharan Africa growth projection for 2024 was lowered to 3.7%, while the 2025 forecast was raised to 4.1%.
Global economic growth forecasts remain unchanged at 3.2% for 2024 and 3.3% for 2025.
However, the IMF noted increased risks to inflation, potentially leading to prolonged higher interest rates.
This news follows Nigeria’s recent inflation surge, reaching 34.19% in June 2024, a 0.24% increase from May.
