IMF forecasts low 0.8% GDP growth for Nigeria


A week after the World Bank projected Nigeria’s gross domestic product (GDP) to grow by one percent in 2017, the International Monetary Fund (IMF) has put up a less optimistic outlook.

According to IMF’s World Economic Outlook (WEO) report, Nigeria’s GDP will grow by 0.8 percent in 2017 — 0.2 percentage points less than the World Bank’s outlook.

“Global growth for 2016 is now estimated at 3.1 percent, in line with the October 2016 forecast. Economic activity in both advanced economies and EMDEs is forecast to accelerate in 2017–18, with global growth projected to be 3.4 percent and 3.6 percent, respectively, again unchanged from the October forecasts,” WEO report read in part.

“Notably, the growth forecast for 2017 was revised up for China (to 6.5 percent, 0.3 percentage point above the October forecast) on expectations of continued policy support.

“Nigeria’s forecasts were also revised up, primarily reflecting higher oil production due to security improvements.”

The report, which was released on Monday afternoon, also states that South Africa’s economy will grow at the same pace with Nigeria’s – 0.8 percent.

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