The International Monetary Fund (IMF) has predicted Nigeria’s economy to grow by 2.6 per cent this year and a 2.7 per cent growth in 2022.
This is according to the October Regional Economic Outlook for Sub-Saharan Africa: One planet, two worlds, three stories, made available at the ongoing Annual Meetings of the IMF and World Bank in Washington on Thursday.
Nigeria’s economy to grow by 2.7% in 2022 — IMF
The International Monetary Fund (IMF) has predicted Nigeria’s economy to grow by 2.6 per cent this year and a 2.7 per cent growth in 2022.
This is according to the October Regional Economic Outlook for Sub-Saharan Africa: One planet, two worlds, three stories, made available at the ongoing Annual Meetings of the IMF and World Bank in Washington on Thursday.
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It stated that the growth would be driven by recovery in non-oil sectors and higher oil prices.
“Growth will inch up slightly to 2.7 per cent in 2022 and remain at this level over the medium term, allowing GDP per capita to stabilise at current levels, notwithstanding long-standing structural problems and elevated uncertainties.”
The IMF outlook also estimated that sub-Saharan Africa’s economic growth would be 3.7 per cent in 2021 and 3.8 per cent in 2022.
It attributed that the recovery would be supported by favorable external conditions on trade and commodity prices.
It also stated that the region had benefited from improved harvests and increased agricultural production in a number of countries.
In his opening remarks at the media briefing on the outlook, Mr Abebe Selassie, Director, African Department, IMF, said the recovery followed the sharp contraction in 2020 and was much welcome.
