IMF marks down Nigeria’s economic growth to 2.9%

The International Monetary Fund (IMF) has marked down Nigeria’s growth outlook for the second time in a row on account of “weaker-than-expected activity in the first half.”

In its October World Economic Outlook (WEO) update, the Fund lowered the growth outlook by 0.2 percentage points to 2.9 per cent, putting it behind the regional and global forecast. It was earlier downgraded from 3.3 per cent to 3.1 per cent.

Last year, the economy finished at 2.9 per cent. But in April’s outlook, the IMF was more bullish on the economy, projecting a 3.3 per cent growth.

It was the second time in a row the Fund would downgrade the economic outlook. It was similarly lowered in its July World Economic Outlook (WEO) report.

The outlook reversal is linked to the flooding and insecurity concerns, which have affected the country’s oil production.