IMF Forecasts 3.2% Growth for Nigeria in 2023

By Adedapo Adesanya The International Monetary Fund (IMF) has said Nigeria would witness a 3.2 per cent economic growth in 2023 and 3.0 per cent in 2024, in line with April’s WEO projections, reflecting security issues in the oil sector just as currency depreciation and inflation grip Africa’s largest economy. This is part of a wider drop as global growth is projected to fall from 3.5 per cent in 2022 to 3.0 per cent in 2023 and 2024. The global lender disclosed this in its latest World Economic Outlook (WEO) Update Report for July 2023: Near-Term Resilience, Persistent Challenges, which