The International Monetary Fund (IMF) has retained Nigeria’s economic growth projection for 2023 at 3.2 percent in its recent world economic outlook update, titled “A Rocky Recovery,” for April 2023. However, the IMF increased the country’s economic growth projection for 2024 to 3.0 percent from the 2.9 percent it specified in its January update, which implies that growth will slow down by 0.2 percent in 2024, from 3.2 percent recorded in 2023.
April 25, 2023
Nigeria Economic Update (Issue 14)
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Nigeria Economic Update (Issue 1)
Nigerias external reserves improved in 2017. The reserve stood at approximately $39 billion as at the end of December 2017, up by about 50 percent from the $26 billion at the beginning of the year 20172. The surge in reserve was particularly boosted by increased capital importation, and crude revenue earnings prompted by a relatively higher crude oil price and improved domestic production. Given that the recent uptick in external reserves is still largely associated with improved crude oil price, efforts should be geared towards conserving current reserve gain so as to cushion future external shock. In the medium term, there is need to diversify export earning away from oil so as to mitigate the effects of volatility in crude oil prices.
Nigeria Economic Chart Pack (2016H1)
The Nigeria Economic Chart Pack is a graphical display of relevant and periodic data to capture trends in the domestic economy. The report aims to illustrate the changes in economic trends with the aid of descriptive charts and a short note that describes the trend and drivers for the graphs.