Close Menu
Chronicle.ng
    Trending Stories
    West Africa must embrace local processing, says Tinubu

    West Africa must coordinate for global economic relevance or risk collapse – Tinubu

    June 22, 2025
    Club World Cup: Late Carboni strike seals 2-1 comeback win for Inter Milan over Urawa Reds

    Club World Cup: Late Carboni strike seals 2-1 comeback win for Inter Milan over Urawa Reds

    June 22, 2025
    Borno declares 24-hour curfew over kill of 16 people in bomb explosion

    Suicide bomber kills 12, injures 18 in Borno

    June 22, 2025
    Facebook X (Twitter) Instagram
    Trending
    • West Africa must coordinate for global economic relevance or risk collapse – Tinubu
    • Club World Cup: Late Carboni strike seals 2-1 comeback win for Inter Milan over Urawa Reds
    • Suicide bomber kills 12, injures 18 in Borno
    • World leaders react to U.S. strikes on Iran’s nuclear sites
    • Daniel Ikwo: Vigilantes detain pregnant woman, two kids for 20 days in Anambra
    • Netanyahu praises Trump after U.S. strikes Iran’s nuclear sites, calls it ‘pivot of history’
    • Trump hails US strikes on Iranian nuclear sites as ‘spectacular success’
    • US carries our successful airstrikes in Iran, destroys three nuclear sites
    Facebook X (Twitter) Instagram
    Chronicle.ngChronicle.ng
    Subscribe
    Sunday, June 22
    • News
      • Nigeria News
      • World News
      • Headlines News
    • Politics
    • Business
    • Sport
    • Entertainment
    • Contact Us
    Chronicle.ng

    IMF predicts 3.3% growth for Nigeria’s economy in 2024

    MayorBy MayorApril 16, 2024No Comments3 Mins Read
    Facebook Twitter Telegram WhatsApp
    Rwanda, Mauritania, International Monetary Fund (IMF) on Nigeria
    Facebook Twitter WhatsApp

    The International Monetary Fund (IMF) has adjusted upwards it’s forecast for Nigeria’s economic growth for the year 2024 to 3.3 percent.

    This revision was announced in the IMF’s World Economic Outlook for April, which was released on Tuesday during the 2024 Spring Meetings of the World Bank and IMF in Washington, United States.

    The updated forecast marks an increase of 0.3 percentage points from the previous 3.0 per cent growth prediction published in the IMF’s January 2024 World Economic Outlook.

    However, the IMF has taken a more conservative stance for the year 2025, reducing Nigeria’s economic growth forecast to 3.0 per cent, a slight decrease from the 3.1 percent projected earlier in January.

    Within the broader Sub-Saharan Africa region, the IMF has maintained its 3.8 per cent economic growth forecast for 2024 but has revised the 2025 forecast downward to 4.0 per cent, from the previously projected 4.1 percent.

    • IMF backs CBN on interest rate hike

    The global economic outlook also received a modest boost, with the IMF raising its growth forecast for 2024 to 3.2 percent, up from the 3.1 percent projected in the January 2024 World Economic Outlook. The forecast for 2025 remains unchanged at 3.2 percent.

    The IMF stated, “Global growth, estimated at 3.2 per cent in 2023, is projected to continue at the same pace in 2024 and 2025.

    “The projection for 2024 is revised up by 0.1 percentage point from the January 2024 WEO Update and by 0.3 percentage point to the October 2023 WEO forecast. Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 per cent, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth.

    The report further elaborates on the expected trends in various economies.

    “Advanced economies are expected to see growth rise slightly, with the increase mainly reflecting a recovery in the euro area from low growth in 2023, whereas emerging market and developing economies are expected to experience stable growth through 2024 and 2025, with regional differences.”

    Specifically for sub-Saharan Africa, the IMF projects an increase in growth from an estimated 3.4 per cent in 2023 to 3.8 per cent in 2024 and 4.0 per cent in 2025.

    This positive outlook is attributed to the diminishing impact of previous weather shocks and gradual improvements in supply issues.

    The forecast for 2024 remains consistent with the January 2024 WEO update, as negative adjustments for Angola due to a contraction in the oil sector are largely balanced by positive revisions for Nigeria.

     

    Share. Facebook Twitter Telegram WhatsApp

    Keep Reading

    West Africa must embrace local processing, says Tinubu

    West Africa must coordinate for global economic relevance or risk collapse – Tinubu

    Club World Cup: Late Carboni strike seals 2-1 comeback win for Inter Milan over Urawa Reds

    Club World Cup: Late Carboni strike seals 2-1 comeback win for Inter Milan over Urawa Reds

    Borno declares 24-hour curfew over kill of 16 people in bomb explosion

    Suicide bomber kills 12, injures 18 in Borno

    Trump hails US strikes on Iranian nuclear sites as ‘spectacular success’

    World leaders react to U.S. strikes on Iran’s nuclear sites

    Daniel Ikwo: Vigilantes detain pregnant woman, two kids for 20 days in Anambra

    Daniel Ikwo: Vigilantes detain pregnant woman, two kids for 20 days in Anambra

    Trump hails US strikes on Iranian nuclear sites as ‘spectacular success’

    Trump hails US strikes on Iranian nuclear sites as ‘spectacular success’

    Add A Comment
    Leave A Reply Cancel Reply

    Subscribe to News

    Be the first to get the latest news updates from ChronicleNG about world, sports, politics etc

    West Africa must embrace local processing, says Tinubu

    West Africa must coordinate for global economic relevance or risk collapse – Tinubu

    June 22, 2025
    Club World Cup: Late Carboni strike seals 2-1 comeback win for Inter Milan over Urawa Reds

    Club World Cup: Late Carboni strike seals 2-1 comeback win for Inter Milan over Urawa Reds

    June 22, 2025
    Borno declares 24-hour curfew over kill of 16 people in bomb explosion

    Suicide bomber kills 12, injures 18 in Borno

    June 22, 2025
    Trump hails US strikes on Iranian nuclear sites as ‘spectacular success’

    World leaders react to U.S. strikes on Iran’s nuclear sites

    June 22, 2025
    Daniel Ikwo: Vigilantes detain pregnant woman, two kids for 20 days in Anambra

    Daniel Ikwo: Vigilantes detain pregnant woman, two kids for 20 days in Anambra

    June 22, 2025
    Facebook X (Twitter) Instagram
    • Politics
    • News
    • Sports
    • Business
    • About Us
    © 2025 ChronicleNG

    Type above and press Enter to search. Press Esc to cancel.