Industry News

The International Monetary Fund (IMF) has raised its economic growth forecast for Nigeria in its latest World Economic Outlook report. The new projection for Nigeria’s economy is 3.4% in 2025, which represents a 0.4 percentage point increase from the IMF’s previous forecast. The organization also upgraded its forecast for 2026 to 3.2%, up from its earlier projection of 2.7%.

This upward revision is part of a broader trend of positive economic forecasts. The IMF also raised its outlook for the global economy as well as the Sub-Saharan African region, which is now projected to see growth of 4.0% in 2025 and 4.3% in 2026. This indicates a stable and improving economic environment across the continent.

An analyst at FBNQuest Merchant Bank commented that the improved forecast for Nigeria likely reflects an increase in oil production and strong performance within the services sector. However, he noted that while the new growth rate is a positive development, it remains too modest to adequately address the nation’s ongoing poverty challenges.