The International Monetary Fund (IMF) has revised Nigeria’s real GDP growth for 2024 down to 3.1% from 3.3% in April.
This adjustment was disclosed in its recent update to the global economic outlook titled “Global Economy in a Sticky Spot,” released on Tuesday.
The report attributes the downgrade in Nigeria’s economic growth to weaker-than-expected activity in the first quarter of 2024.
Furthermore, the IMF has reduced its economic growth projections for Sub-Saharan Africa (SSA) due to decreased economic activity in Nigeria, from 3.8% to 3.7%.
The report reads, “The forecast for growth in sub-Saharan Africa is revised downward, mainly as a result of a 0.2 percentage point downward revision to the growth outlook in Nigeria amid weaker than expected activity in the first quarter of this year.”
![IMF (News Central TV)](https://newscentral.africa/wp-content/uploads/IMF-News-Central-TV-1.jpg)
Additionally, the IMF maintained growth forecasts for other robust African economies at 0.9% in 2024 and 1.2% in 2025.
Conversely, Egypt saw a reduction of 0.3 percentage points in its economic growth projections for both 2024 and 2025, down from 3.0% to 2.7% and from 4.4% to 4.1% respectively.
It is worth noting that in April 2024, the IMF revised Nigeria’s economic growth forecast to 3.3% for 2024.
This adjustment follows Nigeria’s GDP decline of 2.98% in Q1 2024, attributed to economic challenges as reported by the National Bureau of Statistics.