June 13, 2024

The International Monetary Fund (IMF) has predicted a gradual economic growth decline in Nigeria for 2023 and 2024 due to security issues in the oil sector. According to the “Near-Term Resilience, Persistent Challenges” report, Nigeria’s growth is projected at 3.2% in 2023, dropping to 3.0% in 2024. The global growth forecast for 2023 and 2024 also shows a decline, with advanced economies contributing to the slowdown. While emerging markets’ growth outlook is stable, sub-Saharan Africa’s growth is expected to decline in 2023 but pick up in 2024. The report also highlights projections for inflation and possible shocks that could impact the economy.

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