Nigeria’s economy projected to grow 2.6% in 2021: IMF
The International Monetary Fund has raised Nigeria’s growth prospect to 2.6 percent and 2.7 percent for 2021 and 2022, as an easing of lockdowns and increased vaccinations boosted business in Africa’s most populous nation.
According to the IMF's World Economic Outlook report, which was released on Tuesday, the growth forecast for Nigeria was originally pegged at 2.5 per cent in 2021 and 2.6 per cent in 2022.
Despite the improved outlook for Nigeria, the IMF has slightly downgraded global growth projections for 2021.
The projection for global growth in 2021 was downgraded by 0.1 percentage points to 5.9 percent, while the global growth forecast for 2022 remained unchanged at 4.9 per cent.
Africa's largest economy had contracted in 2020 due to the coronavirus pandemic, though in the fourth quarter it managed to exit its recession, and growth has now increased for three consecutive quarters to June 30.
Nigeria had been grappling with low growth before the COVID-19 pandemic triggered a recession and created large financing gaps, including dollar shortages and inflation.