IMF upgrades Nigeria’s GDP from 1.9 percent to 2.1

The International Monetary Fund (IMF) has upgraded Nigeria’s GDP growth forecast to 2.1 percent in 2018 from 1.9 percent in 2017.

In its World Economic Outlook for 2018, the Washington based fund sees a lower economic growth of 1.9 percent for the country in 2019.

The IMF forecasts a growth pickup in sub-Saharan Africa from 2.7 percent in 2017 to 3.3 percent in 2018 and 3.5 percent in 2019.

This is attributed to a modest upgrade to Nigeria’s growth forecast but more subdued growth prospects in South Africa, where growth is now expected to remain below 1 percent in 2018 to 2019, as increased political uncertainty weighs on confidence and investment.

The IMF also revised its forecast for the world economy’s growth in both 2018 and 2019 to 3.9 percent.


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