The International Monetary Fund (IMF) has increased projection towards Nigeria’s economy as the fund has said that Nigeria will expand a little faster than its earlier projection.
The Fund said Nigeria’s economy will grow by 2.1% in 2019, an increase of 0.1% points from the 2% projection given in January.
The IMF made this known in the World Economic Outlook report released on Tuesday, April 9 at the ongoing spring meetings of the IMF and the World Bank Group.
Recall that the IMF had cut its growth projection for Nigeria’s economy from the 2.3% contained in the October 2018 report to 2% while blaming the reduction in oil prices.
“In sub-Saharan Africa, growth is expected to pick up to 3.5 percent in 2019 and 3.7 percent in 2020 (from 3.0 percent in 2018),” the report read.
“The projection is 0.3 percentage point and 0.2 percentage point lower for 2019 and 2020, respectively, than in the October 2018 WEO, reflecting downward revisions for Angola and Nigeria with the softening of oil prices.
“Growth prospects for commodity exporters are weighed down by the soft outlook for commodity prices, including for Nigeria and Angola, where growth is expected to reach about 2.6 percent and 3.9 percent, respectively, in the medium term.”