• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, July 31, 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 Reduces Nigeria’s Growth Forecast To 3.1%

by BUKOLA ARO-LAMBO
1 year ago
in Business
IMF
Share on WhatsAppShare on FacebookShare on XTelegram

The International Monetary Fund (IMF) reviewed downwards its forecast for Nigeria’s economic growth in 2024 from 3.3 per cent which it forecast earlier to 3.1 percent, citing weaker growth recorded in the first quarter of the year.

Advertisement

In its July 2024 World Economic Outlook released on Tuesday afternoon, the IMF downward review is 0.2 per cent lower than its previous 3.3 per cent growth forecast. This is following the 2.98 per cent first quarter 2024 Gross Domestic Product (GDP) growth as released by the National Bureau of statistics.

Despite the downward review of its growth projection for 2024, the IMF retained its growth projection for Nigeria for 2025 at 3.0 per cent. As a result of the lower forecast for Nigeria’s economic growth, the IMF also downgraded its forecast for Sub-Saharan economic growth in 2024 to 3.7 percent from the April WEO forecast of 3.8 percent.

However, it raised the economic growth forecast for the region in 2025 to 4.1 percent from 4.0. “The forecast for growth in sub-Saharan Africa is revised downward, mainly as a result of a 0.2 percentage point downward revision to the growth outlook in Nigeria amid weaker than expected activity in the first quarter of this year,” the IMF said.

Speaking at a press briefing, Division Chief, Research Department, IMF, Jean-Marc Natal, said growth is improving slowly in the region, “but the main issue is inflation for many of the countries in the region and it comes from a cycle of depreciation and inflation, and our recommendation in such cases for monetary policy to tighten and stabilise inflation to achieve price stability in the medium term, which will be a precondition for for re-establishing the fundamental condition for growth in the country.

RELATED

Port Harcourt Refinery Not For Sale — NNPC

Port Harcourt Refinery Not For Sale — NNPC

17 hours ago
[EDITORIAL] The World Against Trafficking In Persons

EU Announces Extra €6m Support To Fight Human Trafficking In Nigeria

20 hours ago

“This policy may lead to impact on growth and so it’s very important to also at the same time, make sure that the most vulnerable are protected and in Nigeria, for example, the resumption of cash transfers are actually the right move to safeguard the most vulnerable of the population.

On his part, Chief Economist and Director Research Department, IMF Pierre-Olivier Gourinchas said the context is challenging for many countries in the region because of the funding squeeze “affecting a number of countries, especially in Sub-Saharan Africa. As we expect the monetary conditions to ease and inflation to be brought under control, then that gradually will also ease as well. So that will be a positive development. But clearly at the end of the day, what is very important for the region is to put in place the conditions for sustained growth.

“The continent has a tremendous number of assets. It’s a growth opportunity. In particular, it has very favourable demographics. It has a young population that is going to be of working age which can certainly increase the outlook in that region. One of one of the challenges is going to be to bring skills and education, and human capital to that population that is just willing and eager to engage in 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




Tags: International Monetary Fund (IMF
SendShareTweetShare
Previous Post

New Graduates To Contribute Towards Revitalisation Of Nigeria’s Railway Sector

Next Post

Seven Tips On How To Get Rid of Scorpions

BUKOLA ARO-LAMBO

BUKOLA ARO-LAMBO

You May Like

Port Harcourt Refinery Not For Sale — NNPC
Business

Port Harcourt Refinery Not For Sale — NNPC

2025/07/30
[EDITORIAL] The World Against Trafficking In Persons
Business

EU Announces Extra €6m Support To Fight Human Trafficking In Nigeria

2025/07/30
Lekki Port Moves 40,000TEUs Transhipment Cargoes Across West African Seaports
Business

Lekki Port Moves 40,000TEUs Transhipment Cargoes Across West African Seaports

2025/07/30
Sub-Saharan Africa’s 3.4% 2024 Growth Inadequate To Curb Poverty – World Bank
Business

World Bank Advocates Strong Policies, Action To End Gas Flaring

2025/07/30
Chams Unveils Driving Forces Of Stellar Performance
Business

Chams Holding Rebrands, Restructures For Future Growth

2025/07/30
Ecobank Nigeria To Reward  500 Customers
Business

Ecobank Group Reports $398m Pre-tax Profit, $1.1bn Net Revenue In H1

2025/07/30
Leadership Conference advertisement

LATEST

2027: Kebbi Central APC Youths Beg Bagudu, Aliero To Back Fresher Candidate 

Ahmadu Bello Foundation Lauded Over Electoral Citizen Engagement

Rotary Club Reaches 450 Women, Children In Jikwoyi Health Drive

FG, FAO To Strengthen Forest Management

Nigeria Out To Attain Food Sovereignty – Shettima

6 Farmers Remanded Over Alleged Murder Of 72-year-old Man

2 Killed In Adamawa Domestic Violence

Time To Rethink Our Border Security

The Perils Of Identity Politics And Economic Turbulence

We Were Never Alone

© 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.