The International Monetary Fund, IMF, has lowered its
economic growth forecast for Nigeria in 2025 to 3.0%, citing a decline in
global crude oil prices.
This was contained in the IMF’s April 2025 World Economic
Outlook, WEO, report, released on the sidelines of the ongoing Spring Meetings
of the IMF and the World Bank in Washington, DC, United States
The new forecast represents a 0.2
percentage point reduction from the Fund’s previous projection of 3.2%.
“For sub-Saharan Africa, growth is expected to decline
slightly from 4.0% in 2024 to 3.8% in 2025, before recovering modestly to 4.2%
in 2026.
“Among the larger economies, the growth forecast for Nigeria
is revised downward by 0.2 percentage point for 2025 and 0.3 percentage point
for 2026, owing to lower oil prices,” the reports said.
The global financial body also noted similar economic
pressures affecting other major African economies.
“In South Africa, the growth forecast is revised downward by
0.5 percentage point for 2025 and 0.3 percentage point for 2026, reflecting
slowing momentum from a weaker-than-expected 2024 performance, deteriorating
sentiment due to heightened uncertainty, intensification of protectionist
policies, and a deeper slowdown in major economies,” it said.
The IMF, in a more drastic revision, also slashed South Sudan’s 2025 forecast. South Sudan has a downward revision of 31.5 percentage points for 2025 due to delays in resuming oil production following damage to a key pipeline.
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