IMF Raises Nigeria’s 2019 Growth Forecast to 2.3%

The International Monetary Fund (IMF) has raised Nigeria’s Gross Domestic Product (GDP) projection for 2019 to 2.3 per cent, up from the 1.9 per cent it had predicted for the country previously.

The fund stated this in its World Economic Outlook (WEO) themed, ‘Less Even Expansion, Rising Trade Tensions,’ which was released Monday.

The multilateral institution attributed its higher growth forecast for the country in 2019 to improved outlook for oil prices.

Although Nigeria’s second quarter 2018 Growth Development Plan figures are yet to be released by the National Bureau of Statistics (NBS), the country had recorded growth rate of 1.95 per cent in the first quarter of the year, lower than the 2.11 per cent recorded in the fourth quarter of 2017.

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