The IMF has increased its prediction for Nigeria’s economic growth in 2022 to 3.4 percent, citing higher crude oil prices.
The IMF, on the other hand, lowered its global growth forecast for 2022 and 2023 to 3.6 percent, noting the cost of the humanitarian catastrophe and the economic harm caused by Russia’s war in Ukraine.
The IMF stated this in its April World Economic Outlook, WEO, report released as part of activities at the ongoing IMF/World Bank spring meeting in Washington.
The new forecast represents 0.7
Similarly, the IMF upgraded its economic growth forecast for the Sub-Saharan African region to 3.8 per cent in 2022, representing a 0.1 percentage point increase from the 3.7 per cent forecast made in January.
The IMF said: “In sub-Saharan Africa, food prices are also the most important channel of transmission, although in slightly different ways. Wheat is a less important part of the diet, but food in general is a larger share of consumption.
“Higher food prices will hurt consumers’ purchasing power—particularly among low-income households—and weigh on domestic demand. Social and political turmoil, most notably in West Africa, also weigh on the outlook.
“The increase in oil prices has however lifted growth prospects for the region’s oil exporters, such as Nigeria. Overall, growth in sub-Saharan Africa is projected at 3.8 percent in 2022″