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IMF Downgrades Nigeria’s Economic Growth - Politics - Nairaland

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IMF Reviews Nigeria’s Economic Growth To 3.3% / World Bank Downgrades Nigeria’s Economic Growth Projection / Nigeria's Economic Problems Not Created By Present Government - Peter Obi (2) (3) (4)

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IMF Downgrades Nigeria’s Economic Growth by Paraman: 5:05pm On Oct 10, 2023
The International Monetary Fund has downgraded Nigeria’s economic growth by 0.3 percentage points to 2.9 per cent for 2023 following weaker oil and gas production.

The IMF disclosed this in its new World Economic Outlook (for October) themed, ‘Navigating Global Divergences,’ released on Tuesday.

Earlier in July, the lender projected that Nigeria’s economy would grow by 3.2 per cent in 2023. Then it predicted that growth in the country would be impacted by security issues in the oil sector.

Commenting on its new prediction for the country, the Washington-based lender said, “Growth in Nigeria is projected to decline from 3.3 per cent in 2022 to 2.9 per cent in 2023 and 3.1 per cent in 2024, with negative effects of high inflation on consumption taking hold.



“The forecast for 2023 is revised downward by 0.3 percentage point, reflecting weaker oil and gas production than expected, partially as a result of maintenance work.”

According to the National Bureau of Statistics, Nigeria’s GDP grew by 2.51 per cent in the second quarter of 2023.


Growth in the sub-Saharan African region is expected to decline to 3.3 per cent in 2023 due to worsening weather shocks, the global slowdown, and domestic supply issues, the IMF noted.


It, however, stated that this growth will pick up by 2024 to 4.0 per cent in 2024, which is still below the region’s historical average of 4.8 per cent.

Overall, global economic growth is projected to slow from 3.5 per cent in 2022 to 3.0 per cent in 2023 and 2.9 per cent in 2024, well below the historical (2000–19) average of 3.8 per cent, the IMF declared.

It added, “Advanced economies are expected to slow from 2.6 per cent in 2022 to 1.5 per cent in 2023 and 1.4 per cent in 2024 as policy tightening starts to bite. Emerging market and developing economies are projected to have a modest decline in growth from 4.1 per cent in 2022 to 4.0 per cent in both 2023 and 2024.”

Inflation, which has been on a global rise, is expected to fall from 8.7 per cent in 2022 to 6.9 per cent in 2023 and 5.8 per cent in 2024, the IMF highlighted.

https://punchng.com/imf-downgrades-nigerias-economic-growth/?utm_source=telegram&utm_medium=social

Re: IMF Downgrades Nigeria’s Economic Growth by TONY042(m): 5:07pm On Oct 10, 2023
Normally dem no dey bring good news.

20 Likes 2 Shares

Re: IMF Downgrades Nigeria’s Economic Growth by Taylor92: 5:08pm On Oct 10, 2023
Someone should remind Tinubu that BUA cement has reduced their cement price to 3500


So he has no more excuses than to build Nigeria like he built Lagos


Cement don cheap now


See who Miscreants been hype to the moon and back


When we complain they’ll say he’s just 4 months in office


Yaradua started working from day one today he’s the best president Nigeria ever had


Una carry imbecileee wey do nyash go put for Aso Rock

166 Likes 15 Shares

Re: IMF Downgrades Nigeria’s Economic Growth by tamonokare: 5:10pm On Oct 10, 2023
The only people that will not care about this news are the pulpit bandits. Provided they have the gullible giving them free money, they're good.

17 Likes 4 Shares

Re: IMF Downgrades Nigeria’s Economic Growth by Nbote(m): 5:18pm On Oct 10, 2023
It should even be lower becos in all honesty Nigeria and its economy is retrogressing

56 Likes 1 Share

Re: IMF Downgrades Nigeria’s Economic Growth by CodeTemplar: 5:54pm On Oct 10, 2023
Oil and gas production goes down and outlook goes down too. Oil and gas economy of sharing.

11 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by OkCornel(m): 6:52pm On Oct 10, 2023
Lol, Tinubu is taking Nigeria to greater heights.

Naira is now exchanging for 300 to the USD as he promised.

https://hallmarknews.com/president-tinubu-seeks-urgent-reform-in-monetary-policy-regime/amp/

Tinubu till 2031

13 Likes 2 Shares

Re: IMF Downgrades Nigeria’s Economic Growth by Akano5(m): 7:12pm On Oct 10, 2023
Mtcheeew
Re: IMF Downgrades Nigeria’s Economic Growth by Chibuzoc(m): 9:47pm On Oct 10, 2023
grin next year na war o, expect dollar to reach 2k in Q1.

Suffering and smiling emilokanly with forged happiness.

Just imagine paying 7200 from ojota to ikeja via danfo

34 Likes 1 Share

Re: IMF Downgrades Nigeria’s Economic Growth by Nobody: 9:48pm On Oct 10, 2023
It will favour.......

3 Likes 1 Share

Re: IMF Downgrades Nigeria’s Economic Growth by zombieHUNTER: 9:48pm On Oct 10, 2023
Tinubu is a fraudster

17 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by Kennyfancy(m): 9:48pm On Oct 10, 2023
Master of Lagos nor fit help Nigeria

16 Likes 3 Shares

Re: IMF Downgrades Nigeria’s Economic Growth by zombieHUNTER: 9:48pm On Oct 10, 2023
Reinaldo:
It will favour.......

All Agbadorians and terrorists

24 Likes 4 Shares

Re: IMF Downgrades Nigeria’s Economic Growth by DesChyko: 9:48pm On Oct 10, 2023
Let's just keep doing our best. Giving up is not an option. On the good side, we already know we have to do all ourselves:

We engage and provide our own private and collective security outfits to secure our immediate environment ourselves.
We clear out and build the roads we use the most in our lives as Nigerians.
The less-privileged amongst us resort to street-begging; we take care of our elderly and our young dependents needs solely by ourselves.
We provide our own viable economy, economic security and social security.

We are our own government. One of my job roles involve preparing receipts for parents abroad to get refunded by the government, the amount they spend on their kids' education. They even get tax cuts for any payments made towards the education of their dependents, especially those with special needs. To think that their tax payments gets them access to healthcare. How lucky they are.

3 Likes 1 Share

Re: IMF Downgrades Nigeria’s Economic Growth by Racoon(m): 9:49pm On Oct 10, 2023
After they foolishly goad the balabloo-blu-bulava Tinubueconomics certificate forger of an illegitimate president into taking rash economic decisions that led to bastardization of the economy?

The US that goaded him into the failed Niger Republic war have accepted the illegitimate regime therein and this Brentwood Institution that was overhyping this government @ inception have started painting it in bad light. Western imperialists don't meant Nigeria well.

15 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by Jessyjeff: 9:49pm On Oct 10, 2023
Who is talking about economic growth in Nigeria when recession is looming?

APC is terrible at managing resources.

13 Likes 1 Share

Re: IMF Downgrades Nigeria’s Economic Growth by EyeCumInPiss: 9:50pm On Oct 10, 2023
May this downgrade favour me and my fellow agbado miscreants.

4 Likes 1 Share

Re: IMF Downgrades Nigeria’s Economic Growth by INTEGRITYA1(m): 9:50pm On Oct 10, 2023
It doesn't matter who's saying casting down, we are saying lifting up.

God Bless Nigeria.

2 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by iwaeda: 9:50pm On Oct 10, 2023
Paraman:


https://punchng.com/imf-downgrades-nigerias-economic-growth/?utm_source=telegram&utm_medium=social

APC ha destroyed Nigeria beyond good. Only God intervention can see us through. Tinubu is a wrecker. grin grin grin grin grin

8 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by SoNature(m): 9:50pm On Oct 10, 2023
The most annoying thing about this country is that prices rarely come down whenever they go up!

This is the worst time to identify as a Nigerian!

Who cursed this country?! 😭

11 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by victorclean(f): 9:51pm On Oct 10, 2023
Tinubu destroying Nigeria with fastest alacrity and burying it without mercy or sending anyone message.

6 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by ACRI: 9:51pm On Oct 10, 2023
Criminal organisation giving wrong advice to thirdworld nations

1 Like

Re: IMF Downgrades Nigeria’s Economic Growth by jmoore(m): 9:51pm On Oct 10, 2023
There is nothing special about IMF report.

Common sense will tell anyone that removal of subsidy + forex wahala will increase inflation.

You don't need expert opinions on this. It is staring at our faces.

7 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by Allinraj: 9:52pm On Oct 10, 2023
Okay
Re: IMF Downgrades Nigeria’s Economic Growth by fred04(m): 9:52pm On Oct 10, 2023
They will avoid this thread. Losers

5 Likes 1 Share

Re: IMF Downgrades Nigeria’s Economic Growth by Allinraj: 9:52pm On Oct 10, 2023
Okay
Re: IMF Downgrades Nigeria’s Economic Growth by Cantonese: 9:52pm On Oct 10, 2023
Hm
Re: IMF Downgrades Nigeria’s Economic Growth by socialmediaman: 9:52pm On Oct 10, 2023
Re: IMF Downgrades Nigeria’s Economic Growth by InvertedHammer: 9:52pm On Oct 10, 2023
/
IMF and World Bank are like doctors that diagnose a patient, lend him money with collaterals to purchase medications and turn around to inform the patient that he is dying. Only certified moronic leaders will keep taking economic prescriptions from those undertakers.

/

5 Likes

Re: IMF Downgrades Nigeria’s Economic Growth by legitnow1: 9:53pm On Oct 10, 2023
KILL TINUBU OR TINUBU KILL NIGERIA



ONE WILL HAPPEN.

3 Likes

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