Nigeria’s economy will contract by 3.4{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455} in 2020 — IMF
The International Monetary Fund,IMF projects that Nigeria’s economy may contract by 3.4{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455} in 2020, implying the reversal of the modest 2.27{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455} real growth recorded in 2019 to a possible growth of 1.13{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455} by year end.
The Breton Woods development finance institution, which made this projection in its latest edition of the World Economic Outlook just released at the ongoing World Bank/IMF Spring Meeting in Washington D.C, however, predicted that the nation’s economy would rebound with 2.4{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455} growth in 2021.
According to the current data published by the National Bureau of Statistics on the country’s economic performance, the overall GDP in 2019 indicated a real growth of 2.27{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455}, compared to 1.91{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455} in 2018 while the real GDP grew by 5.59{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455} quarter on quarter.
The bureau stated: “Nigeria’s Gross Domestic Product (GDP) grew by 2.55{296a3e68308b40adb2ca6b9fe1f7d55b91348e7fd512d5b42373a9b526aa7455} (year-on-year) in real terms in the fourth quarter of 2019”.