IMF maintains Nigeria growth forecast at 3.3% for 2024
ABUJA - The International Monetary Fund on Thursday maintained its growth forecast of 3.3% for Nigeria's economy for 2024, up from 2.9% last year, citing a pick up in services and trade sectors.
"If Nigeria grows at 3.3% that is just above the population dynamics, which is a big challenge," IMF's Axel Schimmelpfenning told journalists. "The reforms are focused on how to raise that growth so that Nigerians can sees real impacts on their living standards," Schimmelpfenning said."We think a lot has happened. We also have to recognize that the problems built up over many years were quiet severe. We can't expect that everything is going to be resolved overnight," he added.
The Fund forecast that fuel subsidy could cost up to 3% of GDP this year as the increases in pump prices have not kept up with their dollar cost, Schimmelpfennig said, adding that officials remain committed to phasing out fuel subsidy in another one or two years.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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