₦airaland Forum

IMF Reviews Nigeria’s Growth Upwards To 3.2%

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The International Monetary Fund (IMF) in its latest World Economic Outlook update for January, released last night, has reviewed upwards growth projections for Nigeria in 2023 from 3.0 per cent which was projected in October last year to 3.2 per cent as it retained the growth forecast for 2024 at 2.9 per cent.

Earlier this month, the World Bank had further reviewed the country’s projected growth to 2.9 per cent from 3.1 per cent last year. The World Bank in its January Global Economic Prospects released had said Nigeria’s slower growth for 2023 and 2024 is a reflection of the downturn in its oil sector as well as the aftermath of rising insecurity and flooding.

Improved growth projection for Nigeira by the IMF also impacted forecast for Sub Saharan Africa which saw a slight upward review form 3.7 per cent to 3.8 per cent in 2023, whilst 2024 remained at 4.1 per cent. Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.

According to the IMF WEO for January, the Sub Saharan Africa growth is projected to remain moderate at 3.8 percent in 2023 amid prolonged fallout from the COVID-19 pandemic, although with a modest upward revision since October, before picking up to 4.1 percent in 2024.

“The small upward revision for 2023 (0.1 percentage point) reflects Nigeria’s rising growth in 2023 due to measures to address insecurity issues in the oil sector. In South Africa, by contrast, after a COVID-19 reopening rebound in 2022, projected growth more than halves in 2023, to 1.2 percent, reflecting weaker external demand, power shortages, and structural constraints.”

For the global economy. the forecast for 2023 is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook (WEO) but below the historical (2000–19) average of 3.8 percent. The rise in central bank rates to fight inflation and Russia’s war in Ukraine continue to weigh on economic activity.

“The rapid spread of COVID-19 in China dampened growth in 2022, but the recent reopening has paved the way for a faster-than-expected recovery. Global inflation is expected to fall from 8.8 percent in 2022 to 6.6 percent in 2023 and 4.3 percent in 2024, still above pre-pandemic (2017–19) levels of about 3.5 percent.

“Signs are apparent that monetary policy tightening is starting to cool demand and inflation, but the full impact is unlikely to be realized before 2024. Global headline inflation appears to have peaked in the third quarter of 2022.But underlying (core) inflation has not yet peaked in most economies and remains well above pre-pandemic levels. It has persisted amid second-round effects from earlier cost shocks and tight labor markets with robust wage growth as consumer demand has remained resilient.

“Medium-term inflation expectations generally remain anchored, but some gauges are up. These developments have caused central banks to raise rates faster than expected, especially in the United States and the euro area, and to signal that rates will stay elevated for longer. Core inflation is declining in some economies that have completed their tightening cycle.

Source: https://leadership.ng/imf-reviews-nigerias-growth-upwards-to-3-2

Good mirage growth....growth without economical effect

Vote Obi or Obi for beta corresponding growth

I hope Buhari will be happy with this news...

How is Nigeria growing when everything is going backwards?This world bank should come to Nigeria and experience life in real time.

how do they come up with that figure when petrol price is increasing and this will lead to inflation .. .......

Good

I think this report is not that substantial.
Two things I’m sure of are factors that are determinant of economic growth of a country which are “Security and Political Stability “.

And presently as it stands, Nigeria is lacking them.

Alright!

Lol you mean we are growing in Fuel scarcity nd currency scarcity...

Abeg make una shattap! Una nor know watin una dey talk

ada9ja:
Good mirage growth....growth without economical effect

Vote Obi or Obi for beta corresponding growth

Vote for a person that just joined a political party not up to a year ago, and got a waiver to be their presidential candidate?

Who are the people judas Peter Obi will choose as his ministers & appointees, lets take a wild guess, his former Pdp or Apga members?

To lead no hard

Na just our leaders no get sense

See the result of a little improved security along our oil pipelines

That's with a predicted Bola Ahmed Tinubu administration.

O ya e yin IPOB Zombidient monkeys, start wailing like lunatics.

sapele914:
Vote for a person that just joined a political party not up to a year ago, and got a waiver to be their presidential candidate?

Who are the people judas Peter Obi will choose as his ministers & appointees, lets take a wild guess, his former Pdp or Apga members?

if dey tell u say u get sense, na lie dem lie.see ur backward thinking, sooo d person must dey politics like grand papa b4 dem vote am, bros u be FOOL

easyfem:
how do they come up with that figure when petrol price is increasing and this will lead to inflation .. .......

If it was "ⁿNigeria growth decline "
No need for figure and proof abi

Talawaka:
Source: https://leadership.ng/imf-reviews-nigerias-growth-upwards-to-3-2

The growth is it in death rate or poverty index abi in suffering sector?

sapele914:
Vote for a person that just joined a political party not up to a year ago, and got a waiver to be their presidential candidate?

Who are the people judas Peter Obi will choose as his ministers & appointees, lets take a wild guess, his former Pdp or Apga members?

Don't mind the fools. He will make Aisha Yusuf minster for Hijab and finance

Nigeria Cbn and FG have carried out imf and World Bank directives stringently though the effect on the Nigeria population is dangerous.

This is to confirm that Nigeria and the world at large is governed by the powers above. Therefore, it does not matter who becomes the president of Nigeria, what will be will still be.

Abeg na my own big ego dey me important ooh

Awesome!

Revolution2022:
How is Nigeria growing when everything is going backwards?This world bank should come to Nigeria and experience life in real time.

Maybe ThiefNuibu bribed them with his bullion vans money to say that and scam people in the renewed hope package, just as he may have done for the Osun tribunal results.

Chap, this 8s your greatest undoing! So your measure of "Suitability to Lead" is party loyalty or longevity in a political party. This is one of the reason why Nigeria is held down by rogues. The rogues enter a party, nurtures the party and stays put for a long time and then comes out to contest for a sensitive and critical leadership position. That is the bane of Nigeria's underdevelopment. Ability/capacity to lead is about Competence and Character and never about party loyalty or party membership status. Other African countries have left Nigeria behind on this.

sapele914:
Vote for a person that just joined a political party not up to a year ago, and got a waiver to be their presidential candidate?

Who are the people judas Peter Obi will choose as his ministers & appointees, lets take a wild guess, his former Pdp or Apga members?

Talawaka:
Source: https://leadership.ng/imf-reviews-nigerias-growth-upwards-to-3-2

Everything under Buhari is downward, the only thing that went upward are killings and unfathomable destruction.

sapele914:
Vote for a person that just joined a political party not up to a year ago, and got a waiver to be their presidential candidate?

Who are the people judas Peter Obi will choose as his ministers & appointees, lets take a wild guess, his former Pdp or Apga members?

Buhari that has a party used almost a year to appoint ministers.....he get party abi

Some of the ministers are misplaced
E.g a SAN heading work ministry or power ministry

Engr heading internal affairs
so on and forth


He is not appointing base on where you belong but based on what you can do based on ur qualification and experience not like MC Oluomo becoming a minister of Transportation

ada9ja:
Good mirage growth....growth without economical effect

Vote Obi or Obi for beta corresponding growth

The growth in your life would be a mirage as you have said.

Roboto11:
The growth in your life would be a mirage as you have said.

Hmmmm I see my growth, touch it and felt it ..

U wan talk abi?

Mark this day

You shall lost all ur loved ones starting from today..u shall bury them before ur eyes

You shall live more miserably

The people that hatred and bitterness has blinded them from seeing good things will soon say Tinubu has bribed IMF.

sapele914:
Vote for a person that just joined a political party not up to a year ago, and got a waiver to be their presidential candidate?

Who are the people judas Peter Obi will choose as his ministers & appointees, lets take a wild guess, his former Pdp or Apga members?

Atikuu used his deep pocket and stole the ticket from competent Peter Obi who is not ready to share anything to delegates. Get some sense. It just happened in Kenya last year. Its not about party, its the individual. You can't compare Osinbajo in APC with Tinubuu. There are good people everywhere, only distinguish yourself and the light shines. No Governor in Nigeria has ever left N75billion to his successor but Obi did. He never borrowed any dme for 8years as Governor of Anambra State yet was not owing salary, Pension or gratuity. What a man!

Which growth is IMF talking about? Is it real or nominal growth? If it is real, then obviously the citizen are not feeling it. If it is nominal, then we are in Siberia. With inflation at 21% and nominal growth at 3%, them the economy is as good as dead and buried. That is the fulcrum of the Brettonwood institutions and it's adfliates. The more you look the less you see. It is scan

ada9ja:
Hmmmm I see my growth, touch it and felt it ..

U wan talk abi?

Mark this day

You shall lost all ur loved ones starting from today..u shall bury them before ur eyes

You shall live more miserably

E pain am.

Your life would be as you continue to call Nigeria.

Revolution2022:
How is Nigeria growing when everything is going backwards?This world bank should come to Nigeria and experience life in real time.

but you're eating everyday