• About
  • Advertise
  • Contact
Friday, August 22, 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 Raises Nigeria’s 2023 Economic Growth Projection From 3.0pct To 3.2pct

Vital News by Vital News
February 2, 2023
in Economy
0
IMF Raises Nigeria’s 2023 Economic Growth Projection From 3.0pct To 3.2pct
Share on FacebookShare on Twitter

The International Monetary Fund (IMF) has raised Nigeria’s economic growth projection to 3.2 per cent for this year.

This is 0.2 percentage point higher than the 3.0 per cent earlier projected in its October 2022 report.

The IMF disclosed this in its January 2023 World Economic Outlook (WEO), saying the slight upward review was due to measures to address insecurity issues in the oil sector.

The report titled ‘Inflation peaking amid low growth’ showed Nigeria’s growth rate would slow to 2.9 per cent in 2024.

The organisation said growth in sub-Saharan Africa is expected to remain moderate at 3.8 per cent in 2023 amid prolonged fallout from the COVID-19 pandemic, although with a modest upward revision since October, before picking up to 4.1 per cent in 2024.

RelatedStories

Ahead TICAD9 Summit, President Tinubu Arrives Japan

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

Capital Inflows Into Nigeria Up By 67.12% In Q1 2025

AfDB Lauds Gov. Ododo Over Commitment To Agriculture, Food Security, Includes Kogi Among SAPZ Beneficiaries

Unlike sub-Saharan Africa, the IMF said growth in the Middle East and Central Asia would decline from 5.3 percent in 2022 to 3.2 percent in 2023.

According to the organisation, this is attributable to a “steeper-than-expected growth slowdown in Saudi Arabia, from 8.7 per cent (which was stronger than expected by 1.1 percentage points) to 2.6 percent in 2023, with a negative revision of 1.1 percentage points”.

“The downgrade for 2023 reflects mainly lower oil production in line with an agreement through OPEC+ (Organization of the Petroleum Exporting Countries, including Russia and other non-OPEC oil exporters), while non-oil growth is expected to remain robust,” the IMF explained.

Overall, the IMF said global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 percent in 2024.

“The global economy is poised to slow this year, before rebounding next year. Growth will remain weak by historical standards, as the fight against inflation and Russia’s war in Ukraine weigh on activity,” Pierre-Olivier Gourinchas, the chief economist and director of IMF’s research department, said.

“Despite these headwinds, the outlook is less gloomy than in our October forecast, and could represent a turning point, with growth bottoming out and inflation declining.”

The IMF said about 84 per cent of countries are expected to have lower headline inflation in 2023.

It said global inflation was set to fall from 8.8 per cent in 2022 to 6.6 per cent in 2023 and 4.3 per cent in 2024 — above pre-pandemic (2017–19) levels of about 3.5 per cent.

Tags: economicgrowthIMFraise
Previous Post

693, 224 Passengers Travel on Lagos/Ibadan Train Service In Two Years

Next Post

Intrigues Of Cash, Fuel Crises Won’t Stop My Victory – Tinubu

Vital News

Vital News

RelatedStories

Yelewata Masacre : President Tinubu To Visit Benue State June 18
Economy

Ahead TICAD9 Summit, President Tinubu Arrives Japan

August 18, 2025
146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant
Business

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

August 15, 2025
Capital Inflows Into Nigeria Up By 67.12% In Q1 2025
Economy

Capital Inflows Into Nigeria Up By 67.12% In Q1 2025

August 11, 2025
AfDB Lauds Gov. Ododo Over Commitment To Agriculture, Food Security, Includes Kogi Among SAPZ Beneficiaries
Agriculture/ Water/ Mineral

AfDB Lauds Gov. Ododo Over Commitment To Agriculture, Food Security, Includes Kogi Among SAPZ Beneficiaries

August 6, 2025
Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

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

July 27, 2025
Next Post
APC Reconciling To Ensure Total Victory In Benue – Chairman

Intrigues Of Cash, Fuel Crises Won’t Stop My Victory - Tinubu

2023 Elections : Nigerians In Diaspora Sue Buhari, INEC

INEC Accuses Pat Utomi Of ‘Invading’ Lagos Office, Distributes 86pct Of 7.6mln PVCs

Elections : Court Orders INEC To Accept LP Candidates In 24 States

Elections : Court Orders INEC To Accept LP Candidates In 24 States

Leave a Reply Cancel reply

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

Follow Us

Recommended

Asari Dokubo Urges Tinubu To Scrap NDDC, Returns OMPADEC

Asari Dokubo Urges Tinubu To Scrap NDDC, Returns OMPADEC

2 years ago
NG-CARES : Communities, Groups In Lokoja, Kogi LGAs Hail Ododo On Establishment Of Micro-Projects

NG-CARES : Communities, Groups In Lokoja, Kogi LGAs Hail Ododo On Establishment Of Micro-Projects

12 months ago

Oyo Records 9 Suicide Cases, 351 Deaths , 751 Road Crashes In 9 Months

3 years ago
Heavy Rain : FG Warns 19 States, 52 Communities Of Impending Floods

Heavy Rain : FG Warns 19 States, 52 Communities Of Impending Floods

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 Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation

EFCC Arrests Deputy Vice Chancellor, Bank MD, Two Catholic Sisters Over N1.2bln Loan Fraud

Presidency Confirms Appointment Of Rotimi Pedro As New DG Of NTA, Three Executive Directors

Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

Explainer : How INEC Declares LP Candidate Serving Jail Term Winner Of Enugu Assembly Rerun Election

Ladoja To Be Installed 44th Olubadan Sept. 26

Trending

President Tinubu Jets Out On State Visit To Saint Lucia, Brazil
National

Don’t Stay Away From Home, President Tinubu Tell Nigerians In Japan, Says Nigeria On The Rise Again

by Vital News
August 21, 2025
0

President Bola Ahmed Tinubu has called on Nigerians in the Diaspora to contribute their expertise and resources...

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

Abia Secures $750mln World Bank Support For Renewable Energy

August 21, 2025
IGP Reiterates Ban On Public Parade Of Suspects

Woman Mistaken For Kidnapper Killed By Irate Mob In Ilorin

August 21, 2025
FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation

FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation

August 20, 2025
Court Berates EFFC Over Disregard For Rule Of Law, Orders Immediate Release Of Aisha Achimugu

EFCC Arrests Deputy Vice Chancellor, Bank MD, Two Catholic Sisters Over N1.2bln Loan Fraud

August 20, 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

  • Don’t Stay Away From Home, President Tinubu Tell Nigerians In Japan, Says Nigeria On The Rise Again August 21, 2025
  • Abia Secures $750mln World Bank Support For Renewable Energy August 21, 2025
  • Woman Mistaken For Kidnapper Killed By Irate Mob In Ilorin August 21, 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