The International Monetary Fund (IMF) has downgraded Nigeria’s economic growth prospect by 0.2 percentage points to 3.2 per cent in the face of rising uncertainty across the globe.
In its October World Economic Outlook (WEO) update released yesterday, the Fund projected the country’s gross domestic product (GDP) to grow at 3.2 per cent this year and slope downward to three per cent in 2023. Both estimates are 20 basis points (bps) behind July forecasts.
The Institution had, in July, retained the April forecast for this year at 3.4 per cent. The country’s GDP grew at 3.4 per cent in the first quarter of the year (Q1 ’22) but slowed to 3.1 per cent in the second quarter (Q2 ’22).
The average performance so far is short of the Federal Government’s projected growth for the year.