The International Monetary Fund, IMF, on Tuesday, raised Nigeria’s Gross Domestic Product, GDP, from 2.9 percent in 2023 to 3.3 percent in 2024, saying that there is improved recovery of the country’s oil sector, better security situation, and improved agriculture.
The IMF’s position was presented at a press conference on the world economic outlook by Pierre-Olivier Gourinchas, economic counsellor and director, research department, IMF; Petya Koeva-Brooks, deputy director, research department, IMF; and Daniel Leigh, division chief, research department, IMF, on the sidelines of the ongoing spring meetings in Washington D.C.
While noting that Nigeria’s growth forecast is in the right direction, the IMF said Nigeria’s inflation will decline to 23 percent in 2025, and then 18 percent in 2026.
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Commenting on the drivers of the growth projection, Daniel Leigh said, growth in Nigeria is steady but actually rising from 2.9 percent last year to 3.3 percent this year.
Also, according to him, the IMF has seen an expansion from the recovering oil sector with a better security situation and also improved agriculture benefiting from the better weather conditions and the introduction of dry season farming.
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