By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: IMF lowers Nigeria’s economic growth forecast to 3.1%
Share
Sign In
Notification Show More
Latest News
Delta Community Slams State with ₦100Bn Lawsuit Over Acquisition of Ancestral Land
Culture Judiciary Legal/Courts Metro News
National Productivity Centre Celebrates Dr. Nasir Olaitan Raji-Mustapha, Former Director-General
Business Civil Service Labour Metro News
An Evergreen Tribute to Chief Gabriel Osawaru Igbinedion at 91
Awards and Recognitions Metro News Politics
NCAA bars pilots from flying unruly passengers
Aviation Business News Transportation Travel/Leisure
‎Aig-Imoukhuede Foundation Launches Capacity Programme for Public Planners
Awards and Recognitions Civil Society Organisations Metro News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Economy > IMF lowers Nigeria’s economic growth forecast to 3.1%
BusinessEconomy

IMF lowers Nigeria’s economic growth forecast to 3.1%

Publisher
By Publisher Published July 17, 2024
Share
3 Min Read
SHARE

The International Monetary Fund yesterday downgraded its forecast for Nigeria’s economic growth in 2024 to 3.1 per cent citing weaker growth recorded in the first quarter of the year, Q1’24.

The new forecast was contained in the July 2024 World Economic Outlook of the IMF released, recently.

The downgrade represents 0.2 percentage points below the earlier forecast of 3.3 per cent.

The downgrade followed weaker-than-expected Gross Domestic Product, GDP, and growth recorded by the country in Q1’23.

Data from the National Bureau of Statistics, NBS, showed that Nigeria’s Gross Domestic Product, GDP, growth dropped, quarter-on-quarter, QoQ to 2.98 per cent in Q1’24 from 3.46 per cent in the fourth quarter of 2023, Q3’23,

The IMF however retained its 3.0 per cent forecast for Nigeria’s economic growth in 2025.

As a result of the lower forecast for Nigeria’s economic growth, the IMF also downgraded its forecast for Sub-Saharan economic growth in 2024 to 3.7 per cent from the April WEO forecast of 3.8 per cent. It however raised its economic growth forecast for the region in 2025 to 4.1 per cent from 4.0.

“The forecast for growth in sub-Saharan Africa is revised downward, mainly as a result of a 0.2 percentage point downward revision to the growth outlook in Nigeria amid weaker than expected activity in the first quarter of this year,” the IMF said.

For the global economy, the IMF retained its growth forecasts of 3.2 per cent in 2024 and 3.3 per cent in 2025.

The IMF said: “The Global Economy in a Sticky Spot Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2 per cent in 2024 and 3.3 per cent in 2025.

“However, varied momentum in activity at the turn of the year has somewhat narrowed the output divergence across economies as cyclical factors wane and activity becomes better aligned with its potential.

“Services price inflation is holding up progress on disinflation, which is complicating monetary policy normalization. Upside risks to inflation have thus increased, raising the prospect of higher-for-even-longer interest rates, in the context of escalating trade tensions and increased policy uncertainty.

“To manage these risks and preserve growth, the policy mix should be sequenced carefully to achieve price stability and replenish diminished buffers.”

Like this:

Like Loading...

Related

You Might Also Like

National Productivity Centre Celebrates Dr. Nasir Olaitan Raji-Mustapha, Former Director-General

NCAA bars pilots from flying unruly passengers

House of Representatives Committee on Pensions Conducts Oversight Visit to PTAD in Abuja

Fed Govt Begins Process To Decarbonise Abuja Airport

TETFund commissions 1,150-Seater Lecture Hall, Allied Sciences Laboratories at UDUS

TAGGED: IMF

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher July 17, 2024
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Gunmen attacks Benue communities, kill 13
Next Article Over 1.3m candidates sit for 2024 NECO SSCE internal
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

Delta Community Slams State with ₦100Bn Lawsuit Over Acquisition of Ancestral Land
Culture Judiciary Legal/Courts Metro News September 12, 2025
National Productivity Centre Celebrates Dr. Nasir Olaitan Raji-Mustapha, Former Director-General
Business Civil Service Labour Metro News September 12, 2025
An Evergreen Tribute to Chief Gabriel Osawaru Igbinedion at 91
Awards and Recognitions Metro News Politics September 11, 2025
NCAA bars pilots from flying unruly passengers
Aviation Business News Transportation Travel/Leisure September 10, 2025

You Might also Like

BusinessCivil ServiceLabourMetroNews

National Productivity Centre Celebrates Dr. Nasir Olaitan Raji-Mustapha, Former Director-General

September 12, 2025
AviationBusinessNewsTransportationTravel/Leisure

NCAA bars pilots from flying unruly passengers

September 10, 2025
BusinessMetroNews

House of Representatives Committee on Pensions Conducts Oversight Visit to PTAD in Abuja

September 10, 2025
AviationNews

Fed Govt Begins Process To Decarbonise Abuja Airport

September 10, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d