The International Monetary Fund forecasts Nigeria’s GDP growth will slacken to 2.9% in 2024, down from earlier projections. Weakening agricultural output and oil production disruptions primarily drive this slowdown.
Flooding and security concerns have severely impacted Nigeria’s economy. Jean-Marc Natal, IMF Research Department Deputy Chief, highlighted these challenges during the World Economic Outlook unveiling.
Despite short-term hurdles, Nigeria’s economy is poised for 3.2% growth in 2025. This optimistic outlook contrasts with the World Bank’s rosier predictions.
To stabilize Nigeria’s economy, the IMF advocates prudent monetary policies and balanced fiscal consolidation, prioritizing essential spending.
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