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.