Economic news

IMF maintains Nigeria growth forecast at 3.3% for 2024

2024.05.09 09:58

IMF maintains Nigeria growth forecast at 3.3% for 2024

ABUJA (Reuters) – The International Monetary Fund on Thursday maintained its growth forecast of 3.3% for Nigeria’s economy for 2024, up from 2.9% last year, citing a pick up in services and trade sectors.

It added that outlook for growth was still challenging in Africa’s most populous nation and top oil producer, with food price inflation which reached 40% in March, raising food security concern.

“If Nigeria grows at 3.3% that is just above the population dynamics, which is a big challenge,” IMF’s Axel Schimmelpfenning told journalists.

Since taking office about a year ago, President Bola Tinubu has embarked on sweeping reforms, including slashing costly petrol and electricity subsidies and devaluing the naira currency twice within a year to narrow the gap between the official and parallel market exchange rates.

“The reforms are focused on how to raise that growth so that Nigerians can sees real impacts on their living standards,” Schimmelpfenning said.

Credit ratings agencies have reviewed Nigeria’s economic outlook upwards on the impact of reforms.

“We think a lot has happened. We also have to recognize that the problems built up over many years were quiet severe. We can’t expect that everything is going to be resolved overnight,” he added.

Schimmelpfenning, IMF mission chief for Nigeria, said scaling up the government’s cash transfer system and government revenues so that the country has more resources to provide services to its citizens is a key priority.

The Fund forecast that fuel subsidy could cost up to 3% of GDP this year as the increases in pump prices have not kept up with their dollar cost, Schimmelpfennig said, adding that officials remain committed to phasing out fuel subsidy in another one or two years.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 84,386.61 0.20%
ethereum
Ethereum (ETH) $ 1,932.06 0.23%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.39 1.66%
bnb
BNB (BNB) $ 607.81 2.29%
solana
Solana (SOL) $ 135.72 1.55%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.742589 0.09%
dogecoin
Dogecoin (DOGE) $ 0.176345 1.24%
tron
TRON (TRX) $ 0.220434 0.43%
staked-ether
Lido Staked Ether (STETH) $ 1,931.01 0.23%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,186.56 0.26%
pi-network
Pi Network (PI) $ 1.51 3.88%
leo-token
LEO Token (LEO) $ 9.75 0.04%
chainlink
Chainlink (LINK) $ 14.12 1.58%
the-open-network
Toncoin (TON) $ 3.46 17.94%
stellar
Stellar (XLM) $ 0.274512 0.73%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,311.40 0.23%
usds
USDS (USDS) $ 1.00 0.00%
hedera-hashgraph
Hedera (HBAR) $ 0.192789 0.20%
avalanche-2
Avalanche (AVAX) $ 19.53 3.79%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 1.81%
sui
Sui (SUI) $ 2.34 1.46%
litecoin
Litecoin (LTC) $ 92.45 0.64%
bitcoin-cash
Bitcoin Cash (BCH) $ 338.69 1.48%
polkadot
Polkadot (DOT) $ 4.33 1.16%
mantra-dao
MANTRA (OM) $ 6.62 2.82%
ethena-usde
Ethena USDe (USDE) $ 0.999886 0.02%
weth
WETH (WETH) $ 1,931.76 0.18%
bitget-token
Bitget Token (BGB) $ 4.46 1.08%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.10%
hyperliquid
Hyperliquid (HYPE) $ 13.81 5.80%
whitebit
WhiteBIT Coin (WBT) $ 28.84 1.28%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,051.34 0.17%
monero
Monero (XMR) $ 211.85 0.51%
uniswap
Uniswap (UNI) $ 6.26 1.93%
susds
sUSDS (SUSDS) $ 1.04 0.05%
aptos
Aptos (APT) $ 5.35 0.55%
dai
Dai (DAI) $ 1.00 0.03%
near
NEAR Protocol (NEAR) $ 2.65 0.49%
pepe
Pepe (PEPE) $ 0.000007 0.75%
internet-computer
Internet Computer (ICP) $ 5.84 2.40%
okb
OKB (OKB) $ 46.86 2.37%
ondo-finance
Ondo (ONDO) $ 0.874321 0.07%
ethereum-classic
Ethereum Classic (ETC) $ 18.00 0.07%
mantle
Mantle (MNT) $ 0.801771 8.81%
gatechain-token
Gate (GT) $ 21.76 1.33%
aave
Aave (AAVE) $ 173.64 0.67%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,399.61 0.20%
official-trump
Official Trump (TRUMP) $ 12.00 0.71%