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Report has it that the International Monetary Fund (IMF) has slashed its forecast for Nigeria’s economic growth for 2024 from 3.1% declared in October to 3.0 representing a 0.1% decline.
The fund stated this in its revised World Economic Outlook for 2024 and 2025.
According to the report, Sub-Saharan Africa’s economy will grow by 3.8% in 2024 and 4.1% in 2025- a drop from the 4.0% economic growth or 2024 initially forecasted in October.
The IMF also slashed South Africa’s economic growth prospects by 0.8% from the initial projection of 1.8% in October 2023. It noted that rising challenges in the nation’s transport sector will stifle economic growth this year
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