fbpx
Edit Content

Nigeria’s GDP Growth Rate Projection Revised By The International Monetary Fund (IMF)

International Monetary Fund

The International Monetary Fund (IMF) has marginally revised its 2019 growth rate projections for Nigeria’s real Gross Domestic Product (GDP).

The revision was made yesterday, April 9, 2019, from the initial forecast of 2% in January to 2.1% for the year 2019, stating that some factors are responsible for the reversal.

Reasons for the reversal by the International Monetary Fund

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

The international financial institution said that the decline in industrial production and the trade dispute between China and the United States of America, the world’s two largest economies, will take a toll on the growth of Africa’s economies.

Nigeria’s GDP growth rate at a glance

It can be recalled that Nigeria’s gross domestic products grew by about 1.9% in 2018 from the 0.8% recorded in 2017. This growth, however, was attributed to the pick-up in the growth of the non-oil sector of the nation’s economy.

Africa’s largest economics

The International Monetary Fund (IMF) reported that about 60% of the economic output from sub-Saharan Africa emanates from Nigeria, Angola and South Africa. Although, these countries’ contributions to the growth momentum has been hindered by various challenges such as the trade war.

This decline in the growth rate within the sub-Saharan countries led to a projection of 2.8% for the 2019 forecast as against the initial 3.3% growth rate projections for the region.

We will sure have better projections if the challenges faced by these countries are curbed.

The Way Forward

The International Monetary Fund, through its chief economist for Africa at the bank, has called on Nigeria and other countries within Africa to adopt the use of information technology in their operations.  This, he said is to help shore up the annual growth rate within the continent by about 2%.

Entrepreneurship is a lonely journey, let us help you get through it with our services.

Share:

Facebook
Twitter
LinkedIn

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Business Registration

Most Popular

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Related Posts

Power of Trading Signals

The Power of Trading Signals for Financial Market Success

Trading has long captured the hearts and minds of many entrepreneurs worldwide. It offers the opportunity to master the financial markets and capitalize on market movements within its hallowed walls. In today’s article, we will explore the modern tools that assist traders in making potential profits, delving deeper into the

Types of small business insurance

Types of Small Business Insurance Every Business Should Know

Starting a new business is a big deal. It’s exciting and full of possibilities. To move forward confidently, it’s crucial to know about the types of small business insurance that protect your work from costs that unexpected events, like legal issues, damage, or business interruptions, might cause. This article will

Why Entrepreneurs Embrace Business Education

Why African Entrepreneurs Embrace Business Education

Why do African entrepreneurs embrace business education? Entrepreneurs are the lifeblood of economic progress, with small and medium-sized enterprises (SMEs) making up 90% of all businesses. These SMEs are more than just companies; they are the engines of job creation, contributing “up to 40% of national income (GDP) in emerging

Incorporating Mindfulness into Your Business Routine

Disclaimer- Presented by BetterHelp. Incorporating mindfulness into your business routine has many benefits. In the often chaotic world of business ownership, finding moments of calm and focus can be incredibly difficult. However, integrating mindfulness practices into your daily routine can offer numerous benefits, both for your personal well-being and your

Scroll to Top

Join Entrepreneurs Family!

Get access to FREE business insights and funding opportunities daily.

Entrepreneurs Sign Up