• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

IMF Downgrades Nigeria’s Growth, Forecasts 23% Inflation

by Bukola Aro-Lambo
1 year ago
in Cover Stories, News
IMF
Share on WhatsAppShare on FacebookShare on XTelegram

The International Monetary Fund (IMF) has revised downwards its growth projections for Nigeria for 2024 to 3.0 per cent from 3.1 per cent which it earlier projected even as it projected the country’s inflation rate at 23 per cent this year and 15.5 per cent by next year.

Advertisement

Responding to LEADERSHIP at the World Economic Outlook launch press conference yesterday, IMFs division chief, Research Department, Daniel Leigh, noted that addressing inflation is critical for Nigeria, saying the “perspective we have is that bringing down inflation is top priority and the Central Bank of Nigeria has already raised interest rates significantly over the past year to 18.8 per cent.

“There were reforms and the currency depreciated. And some of this weakness in the naira has contributed to the increase in inflation. Now, there’s also structural factors behind that high inflation, including the fiscal side financing of the deficit. This is clearly creating hardship.

“The monetary tightening is helping in our forecast to bring inflation down from 24.6 per cent in 2023 to 23 per cent this year and then closer to single digits into 2025 at 15.5 per cent. But on top of conquering inflation to monetary tightening, there is also a need to provide social support through the budget, and creating the space for that is the challenge.”

Commenting on Nigeria’s growth rate, chief economist and director, Research Department, IMF, Pierre-Olivier Gourinchas said: “On Nigeria’s growth rate, we have a slight downward revision for 2024, at 3 per cent which is a -0.1 per cent.

RELATED

Celebrating Bukola Saraki@ 61

Defections: ‘The Worst Yet To Happen,They Can Leave, We Are Rebuilding PDP’, Says Saraki

1 hour ago
Periwinkle Empire Tackles Insecurity, Power Outages, Others In Lagos

Periwinkle Empire Tackles Insecurity, Power Outages, Others In Lagos

2 hours ago

“Next year is unchanged at 3.1 percent and the impact of Mali, Niger and Burkina Faso leaving ECOWAS is something that we are monitoring and we are taking note. It’s a bit early to assess what the impact is going to be but, of course, we assess that in general. Having an integrated economic area is something that is going to be favourable and conducive to trade and conducive to higher growth, and sort of moving away from this is going to have the opposite effect.”

Also speaking on the downgrade, Leigh said: “We also do have a forecast for Nigeria that we downgraded slightly, and that mainly reflects a lower than expected outcome in 2023. In the context of the monetary tightening to reduce inflation and mainly the external shocks, in terms of high borrowing costs, and that constrains domestic investment and spending.”

The IMF, in its World Economic Outlook launched yesterday, said it reviewed upwards Sub-Sahara Africa projections from 3.3 per cent in 2023 to 3.8 per cent in 2024 and 4.1 per cent in 2025 as it envisages a soft landing for the global economy.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: IMFinflation
SendShareTweetShare
Previous Post

Enoh Holds Retreat For Sports Ministry Top Management Staff

Next Post

Pressure Mounts On Service Chiefs Over Rising Insecurity

Bukola Aro-Lambo

Bukola Aro-Lambo

You May Like

Celebrating Bukola Saraki@ 61
News

Defections: ‘The Worst Yet To Happen,They Can Leave, We Are Rebuilding PDP’, Says Saraki

2025/06/28
Periwinkle Empire Tackles Insecurity, Power Outages, Others In Lagos
News

Periwinkle Empire Tackles Insecurity, Power Outages, Others In Lagos

2025/06/28
Diadem Group CEO Olaitan Gbenga Honoured In Zambia
Business

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

2025/06/28
Lagos Nightclubs: From Party Spots To Crime Hotbeds
Feature

Lagos Nightclubs: From Party Spots To Crime Hotbeds

2025/06/28
Ghanaian-based Filmmaker To Premiere ‘Badagry’ In Benin
Entertainment

Ghanaian-based Filmmaker To Premiere ‘Badagry’ In Benin

2025/06/28
Disrespecting Music Legends Could Threaten Afrobeats’ Future – Terry G
Entertainment

Disrespecting Music Legends Could Threaten Afrobeats’ Future – Terry G

2025/06/28
Leadership Conference advertisement

LATEST

Defections: ‘The Worst Yet To Happen,They Can Leave, We Are Rebuilding PDP’, Says Saraki

Periwinkle Empire Tackles Insecurity, Power Outages, Others In Lagos

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

African U18/U20 Athletics Championships: 5 Team Nigeria Starlets To Watch

President Federation Cup: Danjuma Confident Of Nasarawa Amazons Victory Against Rivers Angels

WAFCON 2024: Waldrum Tips Super Falcons To Win 10th Title

Brighton Sign Super Falcons Goalkeeper Nnadozie From Paris FC

Brentford Appoint Andrews As New Head Coach

NPFL: Rangers In Talks To Sign Inter Lagos Defender Samson

Wimbledon Open: Raducanu To Face Teenager Xu In First Round

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.