• About
  • Advertise
  • Contact
Sunday, August 3, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

IMF Cuts Nigeria’s Growth Projection To 2.9pct

Vital News by Vital News
October 10, 2023
in Economy
0
IMF Cuts Nigeria’s Growth Projection To 2.9pct
Share on FacebookShare on Twitter

The International Monetary Fund (IMF) has cut Nigeria’s growth forecast from 3.3 per cent to 2.9 percent in 2023 and 3.1 in 2024 respectively, with negative effects of high inflation on consumption taking hold.

This is contained in the World Economic Outlook released at the Annual Meeting of the IMF/World in Marrakesh, Morocco earlier today.

The growth forecast for 2023 is revised downward by 0.3 percentage points, reflecting weaker oil and gas production than expected, partially due to maintenance work.

The World Bank had cut Nigeria’s 2022 growth forecast to 3.1% from a previous forecast of 3.8% in 2022.

In its last Nigeria Development Update (NDU), launched in Abuja, the bank said that the nation had to make hard choices or face a worse economic downturn in the months and years ahead.

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

FAAC Shares N1.818trillion June Revenue Among FG, States, LGs

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

Africans In Position To Develop Africa, Dangote Tells Global CEOs

Since the Swearing of President Bola Tinubu on May 29, he has removed fuel subsidy and floated the exchange rate in line with the age-long recommendation of the IMF and World Bank.

A development that has seen the rate tumble to over N1000 to the dollar, and the energy prices increase by four folds from N144 to N620, impacting an already worsening inflation scenario

The baseline forecast is for global growth to slow from 3.5 per cent in 2022 to 3.0 per cent in 2023 and 2.9 per cent in 2024, well below the historical (2000–19) average of 3.8 per cent.

Advanced economies are expected to slow from 2.6 percent in 2022 to 1.5 percent in 2023 and 1.4 percent in 2024 as policy tightening starts to bite.

Emerging market and developing economies are projected to have a modest decline in growth from 4.1 percent in 2022 to 4.0 percent in both 2023 and 2024.

Global inflation is forecast to decline steadily, from 8.7 percent in 2022 to 6.9 percent in 2023 and 5.8 percent in 2024, due to tighter monetary policy aided by lower international commodity prices. ( vitalnewsngr.com)

 

Tags: cutgrowthIMFNigeria
Previous Post

No Dispute Over Appoinment Of Acting NIWA MD – Management

Next Post

Nigerian Army Major-General Jailed 7yrs For Stealing

Vital News

Vital News

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
FAAC Disburses N1.678trn February Revenue To FG, States, LGs
Economy

FAAC Shares N1.818trillion June Revenue Among FG, States, LGs

July 19, 2025
Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development
Economy

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

July 16, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs
Business

Africans In Position To Develop Africa, Dangote Tells Global CEOs

July 14, 2025
Coordinator, Zero Hunger Nigeria, Arosanyin, Urges States, LGs To Invest More In Agriculture To Prevent Food Shortages
Agriculture/ Water/ Mineral

Coordinator, Zero Hunger Nigeria, Arosanyin, Urges States, LGs To Invest More In Agriculture To Prevent Food Shortages

July 14, 2025
Next Post
Nigerian Army Major-General Jailed 7yrs For Stealing

Nigerian Army Major-General Jailed 7yrs For Stealing

5.4m Voters Will Vote In Bayelsa, Imo, Kogi Guber Election – INEC

5.4m Voters Will Vote In Bayelsa, Imo, Kogi Guber Election - INEC

Terrorists kidnap 4 Female Students At Nasarawa State University

Terrorists kidnap 4 Female Students At Nasarawa State University

Leave a Reply Cancel reply

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

Follow Us

Recommended

UK pledges £1million worth of support to NDLEA in fight against illicit drugs

3 years ago
2023 Census Will Be Nigeria’s Best Ever – NPC

2023 Census Will Be Nigeria’s Best Ever – NPC

2 years ago
Nigeria Set To Exploit $7 Trillion Global Halal Market

Nigeria Set To Exploit $7 Trillion Global Halal Market

11 months ago

Ahead Third Mainland Bridge Closure, Lagos Issues Advisory To Motorists

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

Canada Announces Plan To Recognise Palestinian State By September

Governor Alia Dissolves Benue Executive Council, Appoints New Chief of Staff

Trending

Hardship : PDP Governors Meet In Asaba, Call On FG To Rejig Economic Policies
Politics

PDP Fixes September 27 For Conduct Of Fresh Congresses In Oyo, Kogi, Lagos, Borno, Adamawa, 8 Other States

by Vital News
August 2, 2025
0

The Peoples Democratic Party (PDP) has fixed Saturday, September 27, 2025 for the conduct of congresses that...

Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months

Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months

August 2, 2025
NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

August 1, 2025
Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

July 31, 2025
Ododo Applauds President  Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

July 31, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • PDP Fixes September 27 For Conduct Of Fresh Congresses In Oyo, Kogi, Lagos, Borno, Adamawa, 8 Other States August 2, 2025
  • Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months August 2, 2025
  • NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute August 1, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In