“Against this backdrop, the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high, and inclusive growth is appropriate.”

The International Monetary Fund, IMF has downgraded its forecast for Nigeria’s 2024 economic growth to 3.0 per cent.

The International Monetary Fund (IMF) on Tuesday said that it has improved its forecast for global economic growth in the coming year.

The global economy is “poised for a soft landing,” an IMF spokesperson said Thursday, predicting that inflation around the world will continue to subside without causing a damaging recession.

The International Monetary Fund (IMF) has disclosed in its forecast that South Africa may topple Nigeria as Africa’s biggest economy.

The IMF announced Saturday member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973.

Pummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973.

The International Monetary Fund said it is closely monitoring the impact the ongoing Israel-Hamas war could have on the world economy.

By Babajide Komolafe, Economy Editor in Morocco, Peter Egwuatu, & Godwin Oritse,

The International Monetary Fund, IMF, has raised alarm over the negative effects of high inflation on consumption of goods and services in the country, even as it downgraded its economic growth forecast for Nigeria to 2.9 percent from 3.3 percent.

The International Monetary Fund has downgraded Nigeria’s economic growth by 0.3 percentage points to 2.9 per cent for 2023 as a result of lower production in oil and gas.