“Growth in Nigeria is projected to moderate from 3.3 percent in 2023 to 3.0 percent in 2024,” the IMF said.
The International Monetary Fund (IMF) has projected that Nigeria’s economic growth rate will decline to 3.0% in 2024, down from 3.3% in 2023.
The forecast was revealed in the IMF’s April 2024 World Economic Outlook released on Tuesday. The report attributes the slowdown to challenges in the non-oil sector and continued economic reforms.
“Growth in Nigeria is projected to moderate from 3.3 percent in 2023 to 3.0 percent in 2024,” the IMF said.
The global lender noted that inflation remains high but is expected to ease gradually. It also stressed the importance of structural reforms to boost long-term growth.