The increase in global oil prices has caused the International Monetary Fund to review Nigeria’s economic growth potential to 3.4 per cent in 2022.
The IMF disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery, April 2022,’ report.
In its January report, the Washington-based lender predicted a growth rate of 2.7 per cent for Nigeria in 2022. But it has adjusted its projection based on increasing oil prices.
In its latest forecast, the revealed a 3.1 per cent growth projection for the nation in 2023, down from 3.4 per cent in 2022 and 3.6 per cent in 2021.
The nation’s economic projection is lower than that of Sub-Saharan African region which is expected to grow by 4.5 per cent in 2021, 3.8 per cent in 2021, and 4.0 per cent.