Connect with us

    Hi, what are you looking for?

    News

    IMF Downgrades Nigeria’s Economic Growth Forecast Amid Oil Price Decline

    International Monetary Fund (IMF) has revised Nigeria’s economic growth forecast for 2025 downward to 3.0%, a reduction from its earlier projection of 3.2%.

    This adjustment, detailed in the IMF’s April 2025 World Economic Outlook (WEO) report, is attributed to falling global crude oil prices, which remain a critical driver of Nigeria’s economy.

    The report, released during the IMF and World Bank Spring Meetings in Washington, DC, highlights broader economic challenges across sub-Saharan Africa.

    Regional growth is expected to dip from 4.0% in 2024 to 3.8% in 2025, with a modest recovery to 4.2% in 2026. Nigeria’s 2026 growth forecast has also been revised downward by 0.3 percentage points.

    Other African economies are facing similar pressures. South Africa’s growth projections for 2025 and 2026 were reduced by 0.5 and 0.3 percentage points, respectively, due to economic uncertainty and global slowdown.

    South Sudan experienced the most severe adjustment, with its 2025 forecast slashed by 31.5 percentage points, following delays in resuming oil production after pipeline damage.

    The IMF’s report underscores the vulnerability of resource-dependent economies like Nigeria to global market volatility, emphasizing the need for strategic policy responses to mitigate risks and foster sustainable growth.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published.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

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...

    Oil and Gas

    The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on...

    News

    Federal Government has described as false, baseless, despicable and divisive reports claiming that terrorists operating in Nigeria are engaged in a systematic genocide against...