IMF Pegs Nigeria’s 2022 Growth Rate At 2.7%

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The International Monetary Fund (IMF) has reaffirmed a growth rate of 2.7 percent for Nigeria in 2022. This growth projection is 0.1 percent higher than the 2.6 percent IMF’s forecast in October 2021.

IMF disclosed this in its latest World Economic Outlook (WEO) report released on Tuesday. It also raised the 2023 projection from an initial 2.3 percent to 2.7 percent.

“The global economy enters 2022 in a weaker position than previously expected. As the new Omicron COVID-19 variant spreads, countries have reimposed mobility restrictions,” the report reads.

“Rising energy prices and supply disruptions have resulted in higher and more broad-based inflation than anticipated, notably in the United States and many emerging markets and developing economies.

“Global growth is expected to moderate from 5.9 in 2021 to 4.4 percent in 2022 — half a percentage point lower for 2022 than in the October World Economic Outlook (WEO), largely reflecting forecast markdowns in the two largest economies.