The International Monetary Fund, IMF, has predicted 3.3 economic growth for Nigeria in 2024.
The Bretton wood United States of America, US-based body had earlier in January downgraded the nation’s economic growth to three percent from its earlier forecast of 3.1 percent, citing various challenges facing the country economically, including the shortfall in crude oil revenue due to reduction in production as a result of insecurity in the Niger Delta.
“Growth in Nigeria is projected to decline from 3.3 per cent in 2022 to 2.9 per cent in 2023 and 3.1 per cent in 2024, with negative effects of high inflation on consumption taking hold.
“The forecast for 2023 is revised downward by 0.3 percentage point, reflecting weaker oil and gas production than expected, partially as a result of maintenance work,” it said three months ago.
However, in its latest economic forecast for the country published on its World Economic Outlook for April, and released during the ongoing 2024 Spring Meetings of the World Bank in Washington DC, United States, the global institution said the nation’s economy has the potential to grow beyond its January prediction.
Meanwhile, the forecast still falls short of the Central Bank of Nigeria’s CBN, prediction for the country.
The Yemi Cardo-led CBN had forecasted a close to four percent growth for the country recently.
According to the CBN Governor, “The projections for the nation’s economy paint an optimistic trajectory as the Federal Government of Nigeria anticipates real GDP growth of 3.76 per cent in 2024, slightly surpassing the estimated 3.75 per cent for 2023.”
