L
LequteMan
Guest
The International Monetary Fund (IMF) in its World Economic Outlook (WEO), has forecast a four per cent growth rate for Nigeria’s Gross Domestic Product (GDP) in 2015.
The latest growth forecast by the fund is 2.25 percentage points lower than its last year’s projection for Nigeria.
In the 2015 budget, the federal government had initially forecast a real GDP growth rate of 6.4 per cent in 2015 but was forced to slash it to 5.5 per cent owing to declining oil prices.
Oil accounts for the bulk of government revenue in Nigeria, but global crude prices have more than halved over the past one year.
The IMF also stated that it anticipated growth in sub-Saharan Africa to also slow this year to 3.8 per cent, from five per cent in 2014.
The latest growth forecast by the fund is 2.25 percentage points lower than its last year’s projection for Nigeria.
In the 2015 budget, the federal government had initially forecast a real GDP growth rate of 6.4 per cent in 2015 but was forced to slash it to 5.5 per cent owing to declining oil prices.
Oil accounts for the bulk of government revenue in Nigeria, but global crude prices have more than halved over the past one year.
The IMF also stated that it anticipated growth in sub-Saharan Africa to also slow this year to 3.8 per cent, from five per cent in 2014.
