(Ecofin Agency) - Contrary to the World Bank’s projection of a 1% growth in Nigeria’s economy in 2017, the International Monetary Fund (IMF) in its World Economic Outlook report, predicts that the country’s GDP will only grow by 0.8% this year and 2.3% in 2018.

According to the report, Nigeria’s economy was raised, on prospects of higher oil production and better security in the Niger Delta. Maurice Obstfeld, IMF’s economic counsellor and director of the research department, on behalf of the MD, Christine Lagarde (photo), said global economy will also grow by an improved 3.4%, the Whistler reports.

“Our central projection is that global growth will rise to a rate of 3.4 percent in 2017 and 3.6 percent in 2018, from a 2016 rate of 3.1 percent. A faster pace of expansion would be especially welcome this year: global growth in 2016 was the weakest since 2008-09, owing to a challenging first half marked initially by turmoil in world financial markets,” Obsteld said.

Anita Fatunji