In the first quarter of 2024, GDP growth fell to 2.98% compared to 3.46% in the fourth quarter of 2023, according to the National Bureau of Statistics.
In its latest World Economic Outlook report of July 2024, the International Monetary Fund (IMF) adjusted its growth forecasts for Nigeria, lowering them by 0.2 percentage points. Economic growth is now expected to reach 3.1% in 2024, down from the previously estimated 3.3% in April.
According to the financial institution, this reduction is due to weaker-than-expected economic activity in the first quarter of this year. Nigeria's GDP growth fell to 2.98% in the first quarter of 2024 from 3.46% in the fourth quarter of 2023, according to data from the National Bureau of Statistics (NBS). However, the IMF maintains its forecast of 3% for the country's economic growth in 2025.
The current economic fragility in Nigeria has been exacerbated by the reforms implemented by President Bola Tinubu's administration, including the removal of fuel subsidies and the unification of exchange rates. These measures have increased the economic difficulties faced by the population, who are dealing with rising food prices.
In June, the country's overall inflation reached 34.19% compared to 33.95% in May.
