The International Monetary Fund (IMF) has adjusted Nigeria's 2024 economic growth forecast downward to 3.0%, marking a notable decrease from the previous projection of 3.1% made in October 2023.
This downgrade was unveiled in the IMF's World Economic Outlook update released in January 2024, reflecting broader adjustments in the global and regional economic landscape. While the IMF upgraded its global economic growth forecast to 3.1% for 2024, citing resilience in the United States and select emerging markets, it simultaneously downgraded the forecast for Sub-Saharan Africa to 3.2%, down from 3.4% previously estimated.
The IMF attributed this downward revision to various factors, including logistical constraints impacting economic activity, particularly in South Africa. Despite the overall optimism for Sub-Saharan Africa's growth trajectory, Nigeria faces challenges that necessitate careful economic management and policy adjustments to navigate the evolving global and regional dynamics.
