IMF predicts 2.5% GDP growth for Nigeria in 2021

The International Monetary Fund (IMF) has projected growth of 2.5 percent for Nigeria in 2021, higher than the one per cent it had predicted for the country in January this year.

The multilateral institution disclosed this in its latest World Economic Outlook titled: “Managing Divergent Recoveries,” that was released Tuesday.

It however expects a 2.3 per cent economic growth for the country in 2022.

For Sub-Saharan Africa generally, the IMF also anticipated a growth of 3.4 per cent this year, higher than the 0.2 per cent in its earlier forecast.

“The pandemic continues to exact a large toll on sub-Saharan Africa (especially, for example, Ghana, Kenya, Nigeria, South Africa). Following the largest contraction ever for the region (–1.9 per cent in 2020), growth is expected to rebound to 3.4 per cent in 2021, significantly lower than the trend anticipated before the pandemic. Tourism-reliant economies will likely be the most affected,” the IMF stated.