Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Economy Macro-Economic News

IMF projects 3.4% economic growth for Nigeria, as global growth forecast declines

the IMF upgraded its economic growth forecast for the Sub-Saharan African region to 3.8 per cent in 2022

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
April 20, 2022
in Macro-Economic News
IMF says it can mobilize $1 trillion loan to help countries counter Coronavirus

Kristalina Georgieva

Share on FacebookShare on TwitterShare on Linkedin

The International Monetary Fund has given Nigeria an upward review of its economic growth forecast for 2022, while expecting that the global output would decline due to the consequences of the crisis in Ukraine.

This was disclosed in IMF’s its April World Economic Outlook (WEO) report released as part of activities at the ongoing IMF/World Bank spring meeting in Washington.

The Washington based lender reduce the expected global output in 2022 to 3.6% in April down from 4.4% expected in January. These projections are worrisome since global output grew by 6.1% in 2021, a year hunted by the effects of the pandemic.

Nigeria, on the other hand, had an upward review of its economic growth projections. The International Monetary Fund (IMF) has projected the Nigerian economy to grow by 3.4% in 2022, up from 2.7% earlier projected.

What the IMF is saying

The IMF explained that the review was a result of the growing tensions in Europe. It said, “Compared to our January forecast, we have revised our projection for global growth downwards to 3.6 per cent in both 2022 and 2023. This reflects the direct impact of the war on Ukraine and sanctions on Russia, with both countries projected to experience steep contractions.”

This year’s growth outlook for the European Union has been revised downward by 1.1 percentage points due to the indirect effects of the war, making it the second-largest contributor to the overall downward revision.

The IMF added that “The war adds to the series of supply shocks that have struck the global economy in recent years. Like seismic waves, its effects will propagate far and wide—through commodity markets, trade, and financial linkages”

However, the IMF gave an upward review of Nigeria’s economic growth projection due to the benefits the country would derive from surging oil prices.

IMF said, “The medium-term outlook is revised downwards for all groups, except commodity exporters who benefit from the surge in energy and food prices.”

Also, the IMF upgraded its economic growth forecast for the Sub-Saharan African region to 3.8 per cent in 2022, representing a 0.1 percentage point increase from the 3.7 per cent forecast made in January.

“Higher food prices will hurt consumers’ purchasing power—particularly among low-income households—and weigh on domestic demand. Social and political turmoil, most notably in West Africa, also weigh on the outlook.

“The increase in oil prices has however lifted growth prospects for the region’s oil exporters, such as Nigeria. Overall, growth in sub-Saharan Africa is projected at 3.8 percent in 2022.″

What you should know

  • The emigration of about 5 million Ukrainians to neighbouring nations, particularly Poland, Romania, Moldova, and Hungary, adds to the region’s economic strains.
  • Russia is a key provider of oil, gas, and metals, as well as wheat and grain. Due to dwindling availability, many goods’ prices have skyrocketed.
  • The most affected commodity importers are those in Europe, the Caucasus and Central Asia, the Middle East and North Africa, and Sub-Saharan Africa. However, the rise in food and fuel prices would harm lower-income people around the world, notably in the Americas and Asia.
  • Nigeria may be able to reap the benefits of rising oil prices. The inability to satisfy OPEC oil quotes, on the other hand, is cause for alarm.
  • Nigeria’s crude oil earnings are down more than half from the $80 billion generated between 2011 and 2013 when oil prices were high.
  • According to Tony Elumelu, Nigeria loses approximately 95% of its oil production to thieves. According to Shell, the Bonny Terminal, which is intended to receive over 200,000 barrels of crude oil per day, only receives about 3,000 barrels per day, prompting the company to pull out of Nigeria.

Related

Tags: Economic growth project 2022IMFInternational Monetary Fund

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Eco Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Ethereum, BNB, XRP post solid gains but Bitcoin’s key support level shaky
    • FUGAZ investors gain N39 billion combined during the week
    • Hybrid, remote and the dilemma in between

    Follow us on social media:

    Recent News

    These crypto’s posted the biggest gains in the last week of April 2022

    Ethereum, BNB, XRP post solid gains but Bitcoin’s key support level shaky

    June 25, 2022
    Profit-taking in FUGAZ stocks weigh down the NGX, taking the Market Cap to N21.91 trillion,

    FUGAZ investors gain N39 billion combined during the week

    June 25, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com