Nigeria’s growth projection unchanged despite rising global inflation, says IMF

Nigeria’s economic growth forecast by the International Monetary Fund (IMF) remains unchanged amid the soaring global inflation.

Nigeria’s projection remains 3.4 percent for the year 2022 and is expected to decline to 3.2 percent in 2023 while Sub-Saharan Africa’s projection remains 3.8 percent for the year 2022 and is expected to further increase to 4 percent in 2023.

However, the IMF cut its global economic projections for 2022 and 2023 to grow 3.2 percent before slowing to a 2.9 percent GDP rate respectively. This marks a downgrade of 0.4 and 0.7 percentage points, respectively, from April.

A downgrade from the 3.6 percent and 3.9 percent it had previously projected in April for 2022 and 2023 respectively.

The IMF said the revised outlook indicated that the downside risks outlined in its earlier report were now occurring. Among those challenges are soaring global inflation, a worse-than-expected slowdown in China, and the ongoing fallout from the war in Ukraine.