The International Monetary Fund has revised Nigeria's 2022 real GDP growth forecast down to 3% from 3.4% earlier, citing weak oil production and the adverse effects of recent flooding.
Nigeria is currently battling to halt crude theft and insecurity in its oil producing regions which has slashed oil output and government revenues.
"Output growth is expected to moderate in 2022 to 3% and improve slightly next year," the IMF said in a statement. The IMF said double-digit inflation in Nigeria is expected to moderate at end-2022 as the start of the harvest season more than counters the projected increase in rice prices caused by recent flooding.
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