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IMF predicts 3.2% growth projection for Nigeria's economy in 2023

The International Monetary Fund, IMF, has predicted that Nigeria’s economy will witness a 3.2 percent growth in 2023, an upgrade from the 3.0 percent growth prediction that was earlier projected in its October 2022 World Economic Outlook.

International Monetary Fund

The IMF noted that the positive prediction which will see Nigeria’s economy grow from 3.0 percent in 2022 to 3.2 per cent in 2023 comes amid the country’s positive effort to effectively tackle the growing insecurities in its oil sector, a move which will stabilize the country’s income in oil trade and also, stabilize the economy.

Recall the IMF had last year, slashed Nigeria's 2022 real GDP growth forecast down to 3 percent from 3.4 percent citing crude oil theft, insecurity in its oil-producing regions and the adverse effects of recent flooding.

Despite the positive economic outlook, the IMF has however, projected a slowed growth rate as the economic growth is predicted to shrink by 0.3 percentage points from 3.2 percent in 2023 to 2.9 percent in 2024.

The World Bank also gave a not-so-positive growth prediction for the Nigerian economic revealing a growth projection of 2.9 per cent in 2023.

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According to the bank, 2.9 percent growth in 2023 reflected poor economic growth which was barely above population growth.

Nigerian oil production has failed to hit the needed benchmark for several months now due to the activities of pipeline vandals and oil thieves. This caused production to crash to 0.937 MBPD in September 2022, one of the lowest figures in a long while.

The oil production figures, however, increased to about 1.235 MBPD in December 2022.

According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Federal Government is targeting an economic growth rate of 3.5 per cent seeing the oil sector is witnessing a rebound, a move which the FG has said would drive the country's economic growth in 2023.

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