Nigeria’s economy to hit 3.2% by end of 2023 – IMF predicts

The International Monetary Fund, IMF says Nigeria’s economy is set to grow from its current standing at 3.0 per cent in 2022 to 3.2 per cent in 2023 due to measures made to address insecurity in the oil sector.

The IMF disclosed this in its World Economic Outlook Update report.

It stated that growth across sub-Saharan Africa will moderate at 3.8 per cent in 2023 amid prolonged fallout from the COVID-19 pandemic. Continue Reading>>>

“In sub-Saharan Africa, growth is projected to remain moderate at 3.8 per cent 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,” the Washington-based lender said.

It explained that growth in the global economy will slow down in 2023 before bouncing back in 2024. This is as the global fight against inflation and Russia’s war in Ukraine weigh on activity.

The money lender said its January forecast is a lot less gloomy than its October forecast and could hint at a turning point, with growth bottoming out and inflation declining…… Continue Reading>>>

It said, “Economic growth proved surprisingly resilient in the third quarter of last year, with strong labour markets, robust household consumption and business investment, and better-than-expected adaptation to the energy crisis in Europe.

“Inflation, too, showed improvement, with overall measures now decreasing in most countries—even if core inflation, which excludes more volatile energy and food prices, has yet to peak in many countries.”

Recently, the United Nations projected that a robust commodities trade and dynamic consumer goods and services markets would push Nigeria’s economic growth to three percent in 2023.

In its own prediction for 2023, the World Bank stated that the Nigerian economy would grow at 2.9 per cent in 2023.

Due to pipeline vandals and oil thieves, Nigeria’s crude oil production plunged in 2022. Production crashed to a low of 0.937million barrels per day in September 2022 but rebounded to 1.235 mbpd in December 2022.