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Tuesday, 17 July 2018

IMF predicts 2.3 percent GDP growth for Nigeria in 2019


With an earlier prediction of 2.1 percent growth rate for 2018, the International Monetary Fund, IMF, has predicts a 2.3 percent growth for Nigeria in 2019. This is a 0.2 percent increase Year-on-Year. The prediction comes up on IMF World Economic Outlook Update for 2018. The theme is, Less Even Expansion, and Raising Trade Tensions.



The 2.3 percent growth rate is higher than April forecast of 1.9 percent. The reason for the increase of Nigeria GDP by IMF was improvement in crude oil price. For sub Sahara Africa, IMF retains its April forecast of 3.4 percent. Its said that growth was expected as a result of increase in commodity prices. However, the GDP rate is a rise from 2017 percentage of 3.4 percent. For the Global Economy, IMF predicts 3.9 percent for 2018 as well as 2019.

The body urged fiscal authorities to avoid policies that encourage protectionist. Rather, its should use polities that ensures cooperation and growth.

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