The International Monetary Fund (IMF) has revised its 2023 forecast on Nigeria’s economic growth upwards to 3.2%, compared to 3.0% projected in its October 2022.

The upward revision is due to measures taken by the country to address insecurity issues in the oil sector, IMF said in its January World Economic Outlook.

However, the country’s economic growth rate will remain at 2.9% in 2024.

According to the IMF, growth is projected to remain moderate at 3.8% in sub-Saharan Africa in 2023 due to the prolonged fallout from the Covid-19 pandemic before picking up to 4.1 percent in 2024.

On the other hand, the IMF upgraded its projection for the global economic contraction for 2023 to 3.4% from 2.9% projected in October 2022.   

(Editing by Seban Scaria seban.scaria@lseg.com)