The International Monetary Fund (IMF) has retained projected economic growth of 3.4 percent for Nigeria in 2022.
The Washington-based institution disclosed this on Tuesday in its World Economic Outlook (WEO) for July 2022 titled, “Gloomy and More Uncertain”.
At its last economic outlook released in April, IMF had estimated that Nigeria’s economy would grow by 3.4 percent in 2022 from the 2.7 percent earlier projected.
It explained that the outlook for countries in the Middle East and Central Asia and sub-Saharan Africa, such as Nigeria, remains unchanged or positive due to elevated fossil fuel and metal prices for some commodity-exporting countries.
It, however, projected that the global economy would slow further to 3.2 percent in 2022 and 2.9 percent in 2023.
According to the institution, this is due to global inflation, the war in Ukraine, which has caused widespread hardship as well as an economic slowdown in China — a major global supply chain hub.
