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
NANS issues national warning against sabotage of petroleum industry revitalisation
Business Education News Oil & Gas
NIMC Marks Milestone with the Signing of Employee Performance Management System (EPMS) Contract
Civil Service Metro News
FG, Argentina to Deepen Bilateral Cooperation Through Information and Cultural Exchange
Business Foreign News Politics
NiMet Is Committed to Leveraging AI-Powered Weather Forecasting to Strengthen Weather and Climate Information for Farmers – DG NiMet
Agriculture Aviation Environment Metro News Travel/Leisure
Anambra town Unions set to rekindle culture in Abuja 
Culture Entertainment Hospitality Metro News Travel/Leisure
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

NANS issues national warning against sabotage of petroleum industry revitalisation

FG, Argentina to Deepen Bilateral Cooperation Through Information and Cultural Exchange

NiMet Is Committed to Leveraging AI-Powered Weather Forecasting to Strengthen Weather and Climate Information for Farmers – DG NiMet

Abuja International Motor Fair Goes Fully Covered For First Time, Sets New Standard for Nigeria’s Premier Automotive Event

Suzuki By CFAO Offers End-Of-Year Price Slash on Premium Models

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

NANS issues national warning against sabotage of petroleum industry revitalisation
Business Education News Oil & Gas October 9, 2025
NIMC Marks Milestone with the Signing of Employee Performance Management System (EPMS) Contract
Civil Service Metro News October 8, 2025
FG, Argentina to Deepen Bilateral Cooperation Through Information and Cultural Exchange
Business Foreign News Politics October 8, 2025
NiMet Is Committed to Leveraging AI-Powered Weather Forecasting to Strengthen Weather and Climate Information for Farmers – DG NiMet
Agriculture Aviation Environment Metro News Travel/Leisure October 8, 2025

You Might also Like

BusinessEducationNewsOil & Gas

NANS issues national warning against sabotage of petroleum industry revitalisation

October 9, 2025
BusinessForeignNewsPolitics

FG, Argentina to Deepen Bilateral Cooperation Through Information and Cultural Exchange

October 8, 2025
AgricultureAviationEnvironmentMetroNewsTravel/Leisure

NiMet Is Committed to Leveraging AI-Powered Weather Forecasting to Strengthen Weather and Climate Information for Farmers – DG NiMet

October 8, 2025
BusinessMetroMotoringNewsTransportationTravel/Leisure

Abuja International Motor Fair Goes Fully Covered For First Time, Sets New Standard for Nigeria’s Premier Automotive Event

October 7, 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