It has been projected that in sub-Saharan Africa, economic growth will remain at 3.8 percent in 2023 as a result of the prolonged effects of COVID-19 before it will pick up to 4.1 percent in 2024.
The International Monetary Fund ,IMF, said that the small upward review for 2023 reflects Nigeria’s rising growth in 2023 due to measures to address insecurity issues in the oil sector.
This disclosure was made in IMF’s World Economic Outlook Update (January 2023).
According to IMF, economic growth proves surprisingly resilient in the third quarter of 2022, with strong markets,robust household consumption and business investment, and better-than-expected adaptation to the energy crisis in Europe.
IMF also said that a weakening of the US dollars from its November high, provided some modest relief to emerging and developing countries.
Recall that recently,The United Nations projected that a strong commodities trade and dynamic consumer goods and services markets would push Nigeria ‘s economic growth to three percent in 2023.
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