The International Monetary Fund has raised Nigeria’s GDP growth prediction for 2024 from 3% to 3.3%.
This modification was disclosed in the IMF’s April World Economic Outlook, which was presented during the World Bank and IMF’s ongoing 2024 Spring Meetings in Washington, United States.
The upgraded forecast is 0.3 percentage points higher than the prior 3.0% growth prognosis in the IMF’s January 2024 World Economic Outlook.
However, the IMF has taken a more conservative stance for 2025, reducing Nigeria’s economic growth forecast to 3.0 per cent, a slight decrease from the 3.1 per cent projected earlier in January.
The IMF has maintained its 3.8 per cent economic growth forecast for 2024 within the broader Sub-Saharan African region but has revised the 2025 forecast downward to 4.0 per cent, from the previously projected 4.1 per cent.
The global economic outlook also received a modest boost, with the IMF raising its growth forecast for 2024 to 3.2 per cent, up from the 3.1 per cent projected in the January 2024 World Economic Outlook. The forecast for 2025 remains unchanged at 3.2 per cent.
Specifically for sub-Saharan Africa, the IMF projects an increase in growth from an estimated 3.4 per cent in 2023 to 3.8 per cent in 2024 and 4.0 per cent in 2025.
