• About
  • Advertise
  • Careers
  • Contact Us
Saturday, June 28, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

IMF Reviews Nigeria’s 2024 Economic Growth by 0.3%

by Staff Writer
April 17, 2024
in Finance
1
IMF: Subsidies, Tax holidays
IMF logo

IMF logo

UBA
Advertisements

The International Monetary Fund (IMF) has reviewed upwards Nigeria’s economic growth forecast for 2024 by 0.3 per cent.

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.

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

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

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

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, saying  “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,” the report said. (Punch).

Loading

Advertisements
MTN ADS

Author

  • Staff Writer
    Staff Writer

    View all posts
0Shares
Tags: IMF
Staff Writer

Staff Writer

Next Post
Allen Onyema, CEO of Air Peace

Air Peace Introduces Connection Flights from Abuja, Enugu, PH to London

Comments 1

  1. Pingback: How Far Can FG's Cash Transfer Address Nigeria’s Present Economic “Dire Strait”? - Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Olamide Adigun

Unveiling the Art and Science of Predictive Analytics: An Interview with Olamide Adigun, a Data Scientist

3 years ago
Releaf co-founders - Uzoma Ayogu and Ikenna Nzewi

Releaf Secures $3.3 Million Pre-Series A Funding, Unveils new Technologies

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.