Obinna Chima
The International Monetary Fund (IMF) has sliced Nigeria’s Gross Domestic Product (GDP) projection for this year to two per cent, down from the 2.3 per cent it had predicted for the country previously.
The fund stated this in its World Economic Outlook (WEO) update titled, “A Weakening Global Expansion,” released yesterday.
The multilateral institution attributed its decision to lower the country’s growth projection by 0.3 percentage point to softening crude oil prices.
The benchmark Brent crude price fell yesterday to $62.35 a barrel, while US crude futures were down 23 cents at $53.57 a barrel.
However, the IMF in the latest report anticipated that in sub-Saharan Africa, growth would pick up from 2.9 per cent in 2018, to 3.5 per cent in 2019, and 3.6 per cent in 2020.
It said, “For both years the projection is 0.3 percentage point lower than last October’s projection, as softening oil
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