Nigeria’s Economy To Grow By 3.4% In 2022 – IMF

The International Monetary Fund (IMF) in its latest world economic outlook projections disclosed that Nigeria’s economy would grow by 3.4 per cent in 2022.

According to IMF, there would be 3.1 per cent growth in 2023, compared to 3.4 per cent in 2022 and 3.6 per cent in 2021.

The projection of the Nigerian economy is lower than that of the Sub-Saharan African region, which is expected to grow by 4.5 per cent in 2021, 3.8 per cent in 2021, and 4.0 per cent.

IMF further stated that the global economy is expected to grow by 3.6 per cent in 2022 and 2023 as a result of the war on Ukraine, and sanctions on Russia.

It said, “Compared to our January forecast, we have revised our projection for global growth downwards to 3.6 per cent in both 2022 and 2023. This reflects the direct impact of the war on Ukraine and sanctions on Russia, with both countries projected to experience steep contractions.

“This year’s growth outlook for the European Union has been revised downward by 1.1 percentage points due to the indirect effects of the war, making it the second-largest contributor to the overall downward revision.”

The IMF disclosed that the war between Russia and Ukraine would slow economic growth and increase inflation.