The International Monetary Fund (IMF) says Nigeria’s economy would grow by 3.4 percent in 2022.
The bank disclosed this in its latest world economic outlook projections.
It predicted a 3.1 percent growth projection for the nation in 2023, down from 3.4 percent in 2022 and 3.6 percent in 2021.
Nigeria’s economic projection is lower than that of the Sub-Saharan African region, which is expected to grow by 4.5 per cent in 2021, 3.8 per cent in 2021, and 4.0 per cent.
The global economy it said, is expected to grow by 3.6 percent in 2022 and 2023 as a result of the war on Ukraine, and sanctions on Russia.
The report said, “Compared to our January forecast, we have revised our projection for global growth downwards to 3.6 per cent in both 2022 and 2023. This reflects the direct impact of the war on Ukraine and sanctions on Russia, with both countries projected to experience steep contractions.
It said the domestic borrowing threatens Nigeria’s economic stability.
The bank said, “This year’s growth outlook for the European Union has been revised downward by 1.1 percentage points due to the indirect effects of the war, making it the second-largest contributor to the overall downward revision.”
