₦airaland Forum

The International Monetary Fund (IMF) has lowered its 2024 growth forecast for Nigeria’s economy to 2.9%, attributing the downgrade to weaker-than-expected economic activity in the first half of the year.


This was revealed in the IMF’s October 2024 World Economic Outlook (WEO), released during the ongoing annual meetings of the World Bank and IMF. The revised forecast represents a 0.2 percentage point decrease from the 3.1% growth forecast projected in the July 2024 WEO.

However, the IMF slightly raised its forecast for Nigeria’s economic growth in 2025, projecting a growth rate of 3.2%, up from 3.0% in the July report.

Similarly, the IMF reduced its 2024 growth forecast for Sub-Saharan Africa to 3.6%, down from 3.7% in July. However, it raised the region’s 2025 growth forecast to 4.2%, up from 4.1%.

The IMF explained: “In sub-Saharan Africa, GDP growth is projected to increase from an estimated 3.6% in 2023 to 4.2% in 2025, as the adverse impacts of prior weather shocks abate and supply constraints gradually ease.”

The report noted that the downgrade for Sub-Saharan Africa reflects slower growth in Nigeria, amid weaker-than-expected activity in the first half of 2024. Additionally, ongoing conflict in South Sudan has led to a significant 26% contraction in its economy.


On a global scale, the IMF maintained its 2024 growth forecast at 3.2%, as predicted in the July WEO. However, it downgraded the 2025 forecast to 3.2%, down from the previous estimate of 3.3%.

Tellmeastory:
SHUT UP.

WHAT RESEARCH HAVE YOU CONDUCTED?

EWU.

Tellmeastory:
SHUT UP.

WHAT RESEARCH HAVE YOU CONDUCTED?

EWU.

Ikaeniyan0:
It would have been worst if Obi is the president, it would have been -27 by now under the fraud from Agulu.

Peter obi will never become the president of Nigeria

kettykin:
Are you apc so bereft of ideas, if is saying that the growth rate is 2.9 % and you are dragging obi. Why not allow the same imf to compare obi and tinubu to decide who would have grown the economy

Kukutente23:
All these figures are lies

The economy is in recession

Tellmeastory:
BUT WE ARE STILL GROWING, SO IT’S GOOD.

ROME WAS NOT BUILT IN A DAY.

Ikaeniyan0:
Obi performance in Anambra was so bad, Nigerians will never hand over the economy of this country to him. The mediocre will never become the president of Nigeria. He won't even win LP ticket

kettykin:
What a polite way of saying that the government is not performing

Melagros:
COMRADES, honestly, I don't know what Tinubu's disciples will say about this negative news

StaffofOrayan:
The IMF would advise you to cut spending on sectors like health, education, and other public sector services while you funnel those funds not to pay back loans, but to service them! Eventually, civil unrest would break out which is the ideal scenario for these 'financial experts' aka repentant colonialists

Kingbuhari:
😁

Pickmycall:
If this kind of massacre reform is attempted in Europe there will be a mass revolt against the government and IMF.Na only Africa them dey do this.