The International Monetary Fund has revised down Nigeria’s economic growth forecast for 2023 by 0.3 percentage points to 2.9%, attributing this adjustment to weaker oil and gas production.
This information was disclosed in the IMF’s latest World Economic Outlook for October, titled ‘Navigating Global Divergences,’ which was released on Tuesday.
In its earlier projection made in July, the IMF had anticipated a 3.2% growth for Nigeria in 2023, citing concerns about security issues in the oil sector. The IMF now states that Nigeria’s economic growth is expected to decline from 3.3% in 2022 to 2.9% in 2023 and 3.1% in 2024, primarily due to the negative impact of high inflation on consumption.
According to the National Bureau of Statistics, Nigeria’s GDP expanded by 2.51% in the second quarter of 2023. Meanwhile, the IMF predicts that growth in the sub-Saharan African region will decrease to 3.3% in 2023 due to adverse weather conditions, a global economic slowdown, and domestic supply challenges. However, the IMF anticipates a rebound in regional growth to 4.0% in 2024, which is still below the historical average of 4.8%.
Overall, the IMF projects a global economic growth slowdown, with a decline from 3.5% in 2022 to 3.0% in 2023 and 2.9% in 2024, notably lower than the historical average of 3.8% observed from 2000 to 2019.
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