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2022: IMF maintains 2.7% growth for Nigeria

Sub-Saharan Africa to grow by 3.8%

A recovery in non-oil sectors and higher oil prices will result in Nigeria’s economy growing by 2.7per cent in 2022, the

mestic Product (GDP) per capita to stabilise at current levels, notwithstanding long-standing structural problems and elevated uncertainties.” On its projection for sub- Saharan Africa, the IMF stated: “Sub-Saharan Africa is set to grow by 3.7 per cent in 2021 and 3.8 per cent in 2022.

This rebound is most welcome and largely results from a sharp improvement in global trade and commodity prices. Favourable harvests have also helped lift agricultural production. “But the recovery is expected to be slower than in advanced economies, leading to a widening rift in incomes. This divergence is expected to persist through the medium term—partly reflecting different access to vaccines, but also stark differences in the availability of policy support. “The outlook remains extremely uncertain, and risks are tilted to the downside. In particular, the recovery depends on the path of the global pandemic and the regional vaccination effort, and is also vulnerable to disruptions in global activity and financial markets.”

The Fund stated that the region faced the prospect of repeated COVID-19 waves before vaccines become widely available. In his opening remarks at the press briefing on the release of the Regional Economic Outlook for Sub-Saharan Africa, the Director, African Department at the IMF, Abebe Aemro Selassie, noted that vaccination efforts in the region had been slower than other regions, “due mostly to stockpiling by advanced economies, export restrictions by major vaccine manufacturing countries, and demands for booster shots in advanced economies that may compromise supply further.” He said that at the moment, only around three per cent of the population in sub-Saharan Africa had been fully vaccinated—in sharp contrast to most advanced and many emerging market countries that are close to the 60 per cent or more level of vaccination.

International Monetary Fund (IMF) has said. The Fund, which stated this in its latest Regional Economic Outlook for sub-Saharan African Economy released yesterday, also projected that sub-Saharan African’s economy would grow by 3.8 per in 2022 and by 3.7 per cent this year. According to the IMF:“Nigeria’s economy will grow by 2.6 per cent in 2021, driven by recovery in non-oil sectors and higher oil prices, even though oil production is expected to remain below pre-COVID-19 levels. “Growth will inch up slightly to 2.7 per cent in 2022 and remain at this level over the medium term, allowing Gross Do…




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