Jungle Journalist Media Limited
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security
No Result
View All Result
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security

Nigeria’s economy to grow by 2.7% in 2022 — IMF

by Jungle Journalist
October 22, 2021
Reading Time: 3 mins read
Share on FacebookShare on TwitterShare on WhatsApp

The International Monetary Fund (IMF) has predicted Nigeria’s economy to grow by 2.6 per cent this year and a 2.7 per cent growth in 2022.

This is according to the October Regional Economic Outlook for Sub-Saharan Africa: One planet, two worlds, three stories, made available at the ongoing Annual Meetings of the IMF and World Bank in Washington on Thursday.

It stated that the growth would be driven by recovery in non-oil sectors and higher oil prices.

ADVERTISEMENT

“Growth will inch up slightly to 2.7 per cent in 2022 and remain at this level over the medium term, allowing GDP per capita to stabilise at current levels, notwithstanding long-standing structural problems and elevated uncertainties.”

ReadAlso

PRESIDENCY 2023: Every Igbo must see Tunde Bakare as an enemy until he apologises, says Woman Leader

OPINION: 2023 General Election & the Echo Trumpet of Equity, Balanced Leadership

The IMF outlook also estimated that sub-Saharan Africa’s economic growth would be 3.7 per cent in 2021 and 3.8 per cent in 2022.

It attributed that the recovery would be supported by favorable external conditions on trade and commodity prices.

ADVERTISEMENT

It also stated that the region had benefited from improved harvests and increased agricultural production in a number of countries.

In his opening remarks at the media briefing on the outlook, Mr Abebe Selassie, Director, African Department, IMF, said the recovery followed the sharp contraction in 2020 and was much welcome.

Selassie, however, said the growth still represented the slowest relative to other regions attributing the divergence reflected the slow vaccine rollout and differences in policy space.

“Against this backdrop, I want to highlight three areas which need concerted action by policymakers in countries and indeed the international community:

ADVERTISEMENT

“The first of these is inequality. Policies need to be squarely focused on addressing the challenge of poverty to prevent the insecurity in the region.

“Policymakers need to navigate among three challenging pressures: pressing spending needs to address the many social, human capital, and infrastructure needs; limited borrowing capacity given already high public debt levels in most cases; and the time consuming and politically difficult nature of mobilising tax revenues.”

The director stated that countries, skillfully navigating the challenges, would have a huge bearing on the macroeconomic well-being and growth prospects.

He stressed the importance of international solidarity and support to facilitating divergent health, poverty, and economic outcomes.

He also said the global population was set to grow by about two billion people over the next three decades, with half of that increase coming from sub-Saharan Africa.

“This presents a huge opportunity: a growing pool of human talent and ingenuity that will have a telling effect on the economic, social, and political trajectory of our planet. We need to pay more heed to this phenomenal opportunity.”

Selassie further reiterated the commitment of the IMF to supporting sub-Saharan Africa tackle the broad array of challenges it faced.

Share this:

  • Twitter
  • Facebook

Related

Tags: economyInternational Monetary FundNigeria
Share1Tweet1Send
Previous Post

Reps suspend recruitment of 600 for breaching Federal Character principle

Next Post

How Daystar, Elevation Churches got entangled in N22b Ponzi scheme

You MayAlso Like

Election

Peter Obi visits NNPP leader, may emerge Rabiu Kwankwaso’s running mate

May 25, 2022
Breaking News

BREAKING: Peter Mbah emerges Enugu PDP guber candidate

May 25, 2022
News

Monkeypox: Another Red-Alert for Nigeria

May 25, 2022
Breaking News

Just In! Peter Obi Dumps PDP, Pulls Out Of Presidential Primary

May 25, 2022
Breaking News

BREAKING: Prof Ikonne wins Abia PDP Governorship Ticket

May 25, 2022
crime

Rochas: It is a big insult to disobey the nation’s laws, resist arrest and even attack the police

May 25, 2022
Next Post

How Daystar, Elevation Churches got entangled in N22b Ponzi scheme

Ikpeazu Meets Students of MOUAU, Donates N10m for Upgrade of Institution's Health Facility

Discussion about this post

ADVERTISEMENT

Recent Posts

  • Peter Obi visits NNPP leader, may emerge Rabiu Kwankwaso’s running mate
  • BREAKING: Peter Mbah emerges Enugu PDP guber candidate
  • Monkeypox: Another Red-Alert for Nigeria
  • Just In! Peter Obi Dumps PDP, Pulls Out Of Presidential Primary
  • BREAKING: Prof Ikonne wins Abia PDP Governorship Ticket
ADVERTISEMENT

Recent Comments

  • Ogbuenyi Sunday on Anambra police arrest river-bathing prophet ‘Onye Eze Jesus’
  • Stephen CE on List of international stars who have joined #EndSARS/#EndSWAT and what they said

Trending

JUST IN: CBN Governor, Godwin Emefiele sacked

BREAKING: List of winners of Enugu State House of Assembly PDP primaries

Ebonyi Prophet speaks on Igbo Presidency, reveals Buhari’s successor, what will happen to Kwankwaso, Shekarau

Woman discovers 4 cats and 1 snake living inside her car in Edo State

BREAKING NEWS: 2023- Jonathan, Emefiele disqualified from Presidential race

ADVERTISEMENT

Crises Looms In APGA As Senatorial Aspirant Calls Out Gov. Soludo

Enugu 2023: Ekweremmadu, Odengene, Onoh opts out of guber primaries, as Peter Mbah is tipped as PDP flagbearer

Nigeria’s economy to grow by 2.7% in 2022 — IMF

Rochas: It is a big insult to disobey the nation’s laws, resist arrest and even attack the police

Just In! Peter Obi Dumps PDP, Pulls Out Of Presidential Primary

ADVERTISEMENT

Popular Stories

  • JUST IN: CBN Governor, Godwin Emefiele sacked

    1226 shares
    Share 490 Tweet 307
  • BREAKING: Enugu LG election turns bloody, 5 killed as unknown gunmen abduct journalists(+Disturbing Images)

    359 shares
    Share 144 Tweet 90
  • BREAKING: Founder of Synagogue for All Nations, TB Joshua dies after programme

    271 shares
    Share 108 Tweet 68
  • Lekki girl who sleeps with dogs for N1.5M battling incurable diseases, confesses to friend

    207 shares
    Share 83 Tweet 52
  • Ebenebe Burial Masaacre: Shocking details of why cultists killed mourners emerge

    178 shares
    Share 71 Tweet 45
  • BIAFRA: How Nnamdi Kanu ‘saw’ the death of TB Joshua

    175 shares
    Share 70 Tweet 44

ABOUT US

Jungle Journalist Media Limited

Jungle Journalist Media Limited

Jungle Journalist is an online news and information resource centre dedicated to accurate and timely news reports.

Read More >>

CONNECT WITH US

SECTIONS

  • Aviation
  • Biafra
  • birthday
  • Bizarre
  • Breaking News
  • Building and Properties
  • Columnist
  • Community Reports
  • crime
  • Economy and Business
  • Editorial
  • Education
  • Election
  • electricity
  • entertainment
  • Health
  • Holidays
  • Human Rights
  • International
  • Interviews
  • Law
  • Magazine
  • media
  • Money
  • National
  • News
  • Niger Delta
  • North
  • Obituary
  • Oil and Gas
  • Opinions
  • Photos
  • Politics
  • Press Release
  • Religion and Culture
  • Science and Technology
  • Security
  • South East
  • South-South
  • South-West
  • Sports
  • Transport and Aviation
  • Violence
  • Women and Children
  • Worship
  • Youth
No Result
View All Result

NEWS SOURCES

  • Punch
  • Nigerian Tribune
  • The Nation
  • Thisday
  • DailyTrust
  • The Sun
  • Daily Independent
  • PM News
  • Vanguard
  • Premium Times
  • Sahara Reporters
  • The Guardian
  • Leadership
  • Daily Times Of Nigeria
    • About
    • Advertise With Us
    • Privacy Policy

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    No Result
    View All Result
    • News
    • Politics
    • Economy and Business
    • Sports
    • Editorial
    • Education
    • entertainment
    • Health
    • Niger Delta
    • Security

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.