The Digest:
According to the latest IMF report, Nigeria’s economy is poised for strong growth in 2025, surpassing the UK and other major economies. The IMF has revised Nigeria’s GDP growth forecast from 3.0% to 3.4%, signaling confidence in the country’s economic resilience.
Key Points:
- IMF raises Nigeria’s 2025 GDP growth forecast to 3.4% from 3.0%.
- Nigeria is projected to outpace the UK, Germany, and the US.
- The Nigerian economy benefited from a GDP rebasing, now at N372.8 trillion.
- Emerging markets like China and India show strong growth projections.
- Nigeria remains the fourth-largest economy in Africa, behind South Africa, Egypt, and Algeria.
- Global growth forecast revised to 3.0% for 2025, driven by strong performance in emerging markets.
- The IMF report highlights Nigeria’s macroeconomic reforms as key to its resilience.
Nigeria’s upward revision in growth projections signifies its economic resilience amidst global challenges. The new forecast reflects the country’s strengthened economic foundation, with optimism for a bright 2025.
Sources: IMF, World Economic Outlook, The Guardian
