IMF Forecasts Nigeria’s Economy for 2021/2022

The International Monetary Fund (IMF) is an organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

We estimate that sub-Saharan Africa’s economies will grow 3.7% in 2021 and 3.8% in 2022, after a sharp decline in 2020. But the recovery is still the slowest compared to other regions. ⁠⁠

The IMF foretells that Nigeria’s administration will grow 2.6 percent, but it will have to depend on the performance of the non-oil sectors and higher oil prices.

Conditional growth projections also indicate that even though oil production is expected to remain below pre-COVID-19 levels, there is a need for a significant price ratio Meanwhile, the IMF further predicted that the economy will perform even better in 2022 if the non-oil sectors receive more attention to rising crude oil prices.

The group said Africa’s largest economy will grow 2.7 percent, adding that forecasts released today in its latest Regional Economy Review for Sub-Saharan Africa show positive signs A document containing this information was released on the sidelines of the IMF-World Bank Annual Meetings in Washington, United States of America, USA.

Likewise, presenting its data in more detail, the Bretton Woods Institution also predicted that the sub-Saharan economy would grow 3.8 percent in 2022 and 3.7 percent in 2021 Slow growth reflects sharp differences in vaccine deployment and limited budgetary capacity to increase government spending relative to advanced economies and other regions.
Our latest summary of the regional economy looks at inequality, policy trade-offs, the need for international support, and why vaccines are critical to growth prospects.