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)
Related
Nigeria Economic Update (Issue 36)
Power sector statistics
show a significant increase in power generated from August 12 to August 19,
2016. Precisely, power generated increased by 2.2 percent to 3953.6MW(a
4-month high). Increased water reserves in dams for hydro generating plants occasioned
by seasonal adjustments (rainy season), led to improved power generation.
Additionally, in a bid to further improve and sustain power generation, the
federal government received a $100 million credit facility from India.
However, consistent power supply could be jeopardized if the development is not
aided by improved distribution by DISCOs.