In Q1 2024, Nigeria's GDP growth dropped to 2.98% from 3.46% in Q4 2023, according to the National Bureau of Statistics.
The International Monetary Fund (IMF) has recently revised its growth forecast for Nigeria, lowering it by 0.2 percentage points. The country's economic growth is now expected to reach 3.1% in 2024, down from the 3.3% estimated in April. This update comes from the IMF's July 2024 World Economic Outlook report.
The institution attributes this downward revision to weaker-than-expected economic activity in the first quarter of this year. Nigeria's GDP growth fell to 2.98% in Q1 2024, down from 3.46% in Q4 2023, according to the National Bureau of Statistics (NBS). However, the IMF maintains its 3% growth forecast for Nigeria in 2025.
Nigeria is currently experiencing economic fragility, exacerbated by reforms implemented by President Bola Tinubu's administration. Notable among these reforms are the removal of fuel subsidies and the unification of exchange rates. These measures have intensified the economic challenges faced by Nigerians, who are grappling with rising food prices. In June, the country's overall inflation reached 34.19%, up from 33.95% in May.
To address these challenges, the Nigerian government announced a $1.3 billion stimulus plan on July 4. This program, set to span the next six months, aims to create millions of jobs and transform the Nigerian economy.
The IMF has also lowered its 2024 growth forecast for sub-Saharan Africa to 3.7%, down from the previous estimate of 3.8% in April. However, the institution raised its forecast for the region in 2025, increasing it from 4% to 4.1%.
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...
Mobile phones have become essential tools for work, education, payments and staying connected across...
BOAD exits BOA Bénin and Niger, sells stakes to Sonimex BOA Bénin posts growth; BOA Niger see...
MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...
Final investment cost reaches $1.06 billion, up sharply from $734 million. Project targets 257,000 oz average annual output over 16...
Lomé Container Terminal to receive 9 new Konecranes forklifts in Q2 2026. Investment supports capacity expansion amid rising transshipment...
Government begins preliminary phase and plans to acquire 1,500 hectares. Local communities oppose project and propose upgrading Lokichoggio...
Farmers plan to plant 486,400 hectares, down 6% year-on-year. Area would drop below 500,000 hectares for the first time in nine...
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...
Burkina Faso launches “SORA” university series filming in Ouagadougou 25-episode project explores student life challenges and...