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However, the projection for 2024 in the April report shows little optimism for Nigeria. In its January update, the IMF had projected a 2.9 percent economic growth for Nigeria in 2024. But in the April update, it has raised the country’s 2024 economic growth projection to 3.0 percent.
In the last six months, Nigeria witnessed little to zero appreciation in economic activities; the novel virus of 2019 takes credit in part for that. The second fiscal quarter further ushered in a 6.05 per cent slump in gross domestic product, per the Nigerian Bureau of Statistics (NBS) report. And while the oil sector typically takes the blame for these economic issues, non-oil economic activities contributed to the negative returns witnessed. Most noteworthy, the decline in the non-oil sector would be the first since the notorious slump of 2016.
