IMF: Nigeria’s economy indicates early growth forecast

Due to measures to address oil sector insecurity, Nigeria’s economy is expected to grow from 3.0 percent in 2022 to 3.2 percent in 2023.

This was revealed by the International Monetary Fund (IMF) in its most recent World Economic Outlook Update (January 2023) report.

It predicted that growth in Sub-Saharan Africa would slow to 3.8% in 2023 due to the long-term effects of the COVID-19 pandemic.

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It stated that growth across sub-Saharan Africa would moderate at 3.8 per cent in 2023 amid the prolonged fallout from the COVID-19 pandemic.

South Africa’s economy will fall from 2.6 per cent in 2022 to 1.2 per cent in 2023.

“The small upward revision for 2023 (0.1 percentage point) reflects Nigeria’s rising growth in 2023 due to measures to address insecurity issues in the oil sector. In South Africa, by contrast, after a COVID-19 reopening rebound in 2022, projected growth more than halves in 2023, to 1.2 per cent, reflecting weaker external demand, power shortages, and structural constraints,” the report said.


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