International Monetary Fund, IMF predicts that Nigeria’sEconomy will boost by 2.6 per cent but would have to be dependent on the performance of the non-oil sectors and higher oil prices.
The conditional growth projections also stated that even though oil production is expected to remain below pre-COVID-19 levels, there is the need to have a considerable pricing ratio.
Meanwhile, the IMF further predicted that the economy in 2022 would perform even better if the non-oil sectors were given more attention to the rising crude oil prices.
IMF Projects Positive Outcomes
The group said that the largest African economy would record a 2.7 per cent growth, adding that the projections published today in its latest Regional Economic Outlook for Sub-Saharan African Economy show positive signs.
The document containing this information was released at the sidelines of the ongoing Annual Meetings of the IMF and World Bank in Washington, United States of America, USA.
Similarly, contributing its data more elaborately, Bretton Woods institution also projected that the Sub-Saharan economy will increase by 3.8 per cent in 2022 and by 3.7 per cent in 2021.