IMF lowers Nigeria’s 2022 growth projection to 3%
Because of Nigeria’s diminished oil output and the significant consequences of flooding, the International Monetary Fund (IMF) has revised Nigeria’s anticipated GDP growth for 2022 from 3.4% to 3%.
After the completion of an official staff visit to Nigeria, the IMF disclosed this in the report for the 2022 Article IV Consultation.
The IMF also forecasted a pronounced economic downturn for the country, leading to GDP growth decelerating to merely 3%. The statement indicated, in part:
The second quarter of 2022 experienced output growth of 3.4% (y/y), representing the seventh consecutive quarter of growth primarily fueled by the services sector and specifically the trade, finance, and information technology segments.
Cause of the deceleration
Nigeria’s oil output has been on...