JUST IN: IMF REDUCES NIGERIA’S ECONOMIC GROWTH PROJECTION TO 3.0%
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The International Monetary Fund (IMF) has lowered its 2025 economic growth prediction for Nigeria to 3.0% due to a drop in the price of crude oil globally.
On the sidelines of the present IMF and World Bank Spring Meetings in Washington, DC, the IMF published its April 2025 World Economic Outlook (WEO) report, which included the updated forecast.
The Fund had previously projected 3.2%, but the current estimate is down 0.2 percentage points.
According to the report: “For sub-Saharan Africa, growth is expected to decline slightly from 4.0% in 2024 to 3.8% in 2025, before recovering modestly to 4.2% in 2026.
“Among the larger economies, the growth forecast for Nigeria is revised downward by 0.2 percentage point for 2025 and 0.3 percentage point for 2026, owing to lower oil prices.”
The IMF also noted similar economic pressures affecting other major African economies: “In South Africa, the growth forecast is revised downward by 0.5 percentage point for 2025 and 0.3 percentage point for 2026, reflecting slowing momentum from a weaker-than-expected 2024 performance, deteriorating sentiment due to heightened uncertainty, intensification of protectionist policies, and a deeper slowdown in major economies.”
In a more drastic revision, the IMF also slashed South Sudan’s 2025 forecast: “South Sudan has a downward revision of 31.5 percentage points for 2025 due to delays in resuming oil production following damage to a key pipeline.”
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