August 16, 2023

Nigeria Economic Update (Issue 30)

The International Monetary Fund (IMF), in its latest World Economic Update released in July 2023, projects that the Nigerian economy will experience slowdown in 2023 and 2024. Nigeria’s economy growth rate stood at 3.3 percent in 2022. However, due to security issues combined with other factors, the IMF stated that the economy is likely to slow down to 3.2 percent and 3.0 percent in 2023 and 2024 respectively. However, these projections place Nigeria’s economic growth below the anticipated expansion of 3.5 percent and 4.1 percent for the sub-Saharan Africa region in 2023 and 2024, respectively.

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