Nigeria’s economy indicates early growth forecast – IMF

Nigeria's economy indicated an early growth forecast from 3.0 per cent in 2022 to 3.2 per cent in 2023 due to measures to address oil sector insecurity. The IMF disclosed this in its latest World Economic Outlook Update (January 2023) report. It stated that growth across sub-Saharan Africa would moderate at 3.8 per cent in 2023 amid the prolonged fallout from the COVID-19 pandemic. South Africa's economy will fall from 2.6 per cent in 2022 to 1.2 per cent in 2023. "The small upward revision for 2023 (0.1 percentage point) reflects Nigeria's rising growth in 2023 due to measures to address insecurity issues in the oil sector. In South Africa, by contrast, after a COVID-19 reopening rebound in 2022, projected growth more than halves in 2023, to 1.2 per cent, reflecting weaker external demand, power shortages, and structural constraints," the report said.