By Munachimso Obienyi
Nigeria’s projected GDP growth for 2022 has been lowered by the International Monetary Fund from 3.4 per cent to 3 per cent due to Nigeria’s weak oil production and the heavy impact of flooding.
This was disclosed in the 2022 Article IV Consultation statement by the IMF following the conclusion of an official staff visit to Nigeria.
In the statement, the IMF also projected a massive economic slowdown for the country, causing GDP growth to slow to 3 per cent.
Part of the statement said: “Output growth at 3.4 per cent (y/y) in 2022 Q2 marked the seventh consecutive quarter of growth driven by various services sectors, especially information technology, trade, and finance.”
According to the IMF, Nigeria’s oil production has been declining since the middle of 2020 due to low investment and significant leakages brought on by poor maintenance and theft.
