20241022 195448

IMF Lowers Nigeria’s 2024 Growth Forecast to 2.9%

The International Monetary Fund (IMF) has revised Nigeria’s 2024 economic growth forecast down to 2.9%, a reduction from the earlier 3.1% projected in its July 2024 World Economic Outlook (WEO).

The downgrade was attributed to weaker-than-expected economic activity during the first half of the year.

This update was revealed in the IMF’s October 2024 WEO, presented during the World Bank and IMF annual meetings.

However, the IMF raised its 2025 growth forecast for Nigeria to 3.2%, up from the previously predicted 3.0%.

The IMF also adjusted its growth forecast for Sub-Saharan Africa, lowering the 2024 estimate to 3.6% from 3.7% while raising the 2025 projection to 4.2%.

The report attributed the Sub-Saharan downgrade primarily to Nigeria’s underperformance, alongside ongoing conflicts such as the one in South Sudan, which saw a dramatic 26% economic contraction.

Globally, the IMF maintained its 2024 growth forecast at 3.2%, while reducing the 2025 estimate to 3.2% from 3.3%.