The International Monetary Fund (IMF) has cut its forecast for Nigeria’s economic growth in 2024 to 3.1 per cent.

The downgrade is contained in a newly released report ‘in the July 2024 World Economic Outlook’. 

The IMF cited a weaker growth recorded in the first quarter of the year as reason for the new forecast.

The downgrade represents 0.2 percentage points below the earlier forecast of 3.3 per cent.

The downgrade followed weaker-than-expected Gross Domestic Product, GDP, and growth recorded by the country in first quarter of 2023.

The IMF however retained its 3.0 per cent forecast for Nigeria’s economic growth in 2025.

For the global economy, the IMF retained its growth forecasts of 3.2 per cent in 2024 and 3.3 per cent in 2025.