The International Monetary Fund, IMF on Tuesday has made a reversal of Nigeria’s economy growth projection to -4.3 percent in 2020 from its earlier projection of -5.4 percent.
The Fund also projected that the Nigerian economy would increase by 1.7 per cent in 2021 from its projected decline of -4.3 percent.
In June 2020, the fund projected that Nigeria’s economy would fall by -5.4 per cent due to the coronavirus, pandemic.
The director of the African department of the fund, Abebe Aemro Selassie said;
“On Nigeria, again, Nigeria is of course the oil exporting country, so the impact of the pandemic is again being compounded by the, you know, sharp decline in oil prices.
“We are projecting GDP growth to contract by around 5 percent, 5.4 percent if I remember correctly, in Nigeria this year. So very significant hit to incomes.”