National

Nigeria’s Economy To Grow By 3.4% In 2022 – IMF

The International Monetary Fund (IMF) in its latest world economic outlook projections disclosed that Nigeria’s economy would grow by 3.4 per cent in 2022.

According to IMF, there would be 3.1 per cent growth in 2023, compared to 3.4 per cent in 2022 and 3.6 per cent in 2021.

The projection of the Nigerian economy is lower than that of the Sub-Saharan African region, which is expected to grow by 4.5 per cent in 2021, 3.8 per cent in 2021, and 4.0 per cent.

Read:  Nigeria Receives ICAO’s Award on Aviation Security

IMF further stated that the global economy is expected to grow by 3.6 per cent in 2022 and 2023 as a result of the war on Ukraine, and sanctions on Russia.

Read:  CACOVID donates fully equipped 100-bed isolation centre to Kwara

It said, “Compared to our January forecast, we have revised our projection for global growth downwards to 3.6 per cent in both 2022 and 2023. This reflects the direct impact of the war on Ukraine and sanctions on Russia, with both countries projected to experience steep contractions.

“This year’s growth outlook for the European Union has been revised downward by 1.1 percentage points due to the indirect effects of the war, making it the second-largest contributor to the overall downward revision.”

The IMF disclosed that the war between Russia and Ukraine would slow economic growth and increase inflation.

Related posts

Nigeria eyes global exports of fertilizer with new $2.5B plant.

NigGal

Sanwo-Olu Visits GAC Motors Assembly Plant Owned By Lagos-CIG Motors, Will Produce 5,000 Vehicles Per Year.

NigGal

Buhari Confers GCFR, GCON on Tinubu, Shettima, Hands over Transition Documents to President-elect.

NigGal

Beneficiaries of CBN COVID-19 loans to receive funds 48 hours after approval.

NigGal

Buhari: May 29, 2023 Handover Date to New President Sacrosanct

NigGal

Toyota unveils integrated auto centre in Abia

NigGal

Leave a Comment