In a recent update from the International Monetary Fund (IMF), Nigeria’s economic growth forecast for 2024 has been adjusted upward to 3.3 percent. This revision, announced in the IMF’s World Economic Outlook for April, signifies a 0.3 percentage point increase from the previous 3.0 percent growth prediction published in January 2024.
The updated forecast was disclosed during the 2024 Spring Meetings of the World Bank and IMF in Washington, United States. However, the IMF has taken a more conservative stance for Nigeria’s economic growth in 2025, reducing the forecast to 3.0 percent from the earlier projection of 3.1 percent.
While maintaining a 3.8 percent economic growth forecast for Sub-Saharan Africa in 2024, the IMF has revised the 2025 forecast downward to 4.0 percent from the previously projected 4.1 percent. Globally, the IMF has raised the growth forecast for 2024 to 3.2 percent, up from 3.1 percent in January 2024, with the forecast for 2025 remaining unchanged at 3.2 percent.
The IMF report attributes global growth projections to factors such as restrictive monetary policies, withdrawal of fiscal support, and low underlying productivity growth. Advanced economies are expected to see a slight rise in growth, mainly driven by a recovery in the euro area. In contrast, emerging market and developing economies are anticipated to experience stable growth, with regional variations.
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For sub-Saharan Africa, the IMF projects growth to increase from an estimated 3.4 percent in 2023 to 3.8 percent in 2024 and 4.0 percent in 2025. This positive outlook is attributed to the diminishing impact of previous weather shocks and gradual improvements in supply issues.
The IMF’s forecast underscores Nigeria’s economic resilience and the region’s potential for sustained growth, albeit amid global economic challenges.
