In Q1 2024, Nigeria's GDP growth dropped to 2.98% from 3.46% in Q4 2023, according to the National Bureau of Statistics.
The International Monetary Fund (IMF) has recently revised its growth forecast for Nigeria, lowering it by 0.2 percentage points. The country's economic growth is now expected to reach 3.1% in 2024, down from the 3.3% estimated in April. This update comes from the IMF's July 2024 World Economic Outlook report.
The institution attributes this downward revision to weaker-than-expected economic activity in the first quarter of this year. Nigeria's GDP growth fell to 2.98% in Q1 2024, down from 3.46% in Q4 2023, according to the National Bureau of Statistics (NBS). However, the IMF maintains its 3% growth forecast for Nigeria in 2025.
Nigeria is currently experiencing economic fragility, exacerbated by reforms implemented by President Bola Tinubu's administration. Notable among these reforms are the removal of fuel subsidies and the unification of exchange rates. These measures have intensified the economic challenges faced by Nigerians, who are grappling with rising food prices. In June, the country's overall inflation reached 34.19%, up from 33.95% in May.
To address these challenges, the Nigerian government announced a $1.3 billion stimulus plan on July 4. This program, set to span the next six months, aims to create millions of jobs and transform the Nigerian economy.
The IMF has also lowered its 2024 growth forecast for sub-Saharan Africa to 3.7%, down from the previous estimate of 3.8% in April. However, the institution raised its forecast for the region in 2025, increasing it from 4% to 4.1%.
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries. ...
In Africa, the private sector is widely seen as the main engine of industrialization and plays a cen...
President Paul Biya, 92, to seek eighth term in October 2025 election In power since 19...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
Highlights: • Kobold Metals signed an agreement in principle with the DRC government on July 17, 2025.• The deal includes the Manono lithium project,...
Highlights: • Global cocoa processing down across all major regions in Q2 2025• ECA: Europe’s grindings at lowest since 2020, Asia at lowest since...
Highlights: • Egypt targets 42% renewable energy share by 2030.• POWERCHINA to build 130-km high-voltage line signed on June 25.• National grid expansion...
Highlights: • EXIM Bank issues letter of intent for $150M to support Botswana's NexMetals• US eyes battery-grade nickel sulphates and cobalt from...
Ashenda is a vibrant traditional festival celebrated primarily in northern Ethiopia, particularly among the Tigray and Amhara communities, as well as in...
The Emerald Sea is a vast turquoise lagoon located in the northern part of Madagascar, just a few kilometers from the town of Antsiranana (formerly Diego...