International Monetary Fund (IMF) on Tuesday downgraded Nigeria’s economic growth projection to 3.2 percent in 2022.
The development is 0.2 percentage points lower than the 3.4 percent projected in its July 2022 report.
The Washington-based institution disclosed this on Tuesday in its World Economic Outlook (WEO) for October 2022 titled, “Countering the Cost-of-Living Crisis”.
The report also downgraded the economic growth projection for sub-Saharan Africa from 3.8 percent to 3.6 percent in October 2022, citing tighter financial and monetary conditions.
The report said, “In sub-Saharan Africa, the growth outlook is slightly weaker than predicted in July, with a decline from 4.7 percent in 2021 to 3.6 percent and 3.7 percent in 2022 and 2023, respectively — downward revisions of 0.2 percentage points and 0.3 percentage points, respectively.
“This weaker outlook reflects lower trading partner growth, tighter financial and monetary conditions, and a negative shift in the commodity terms of trade.”