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
DAILY POST reports that 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.
