Keyamo Reacts As IMF Predicts Fall In Nigeria’s Economic Growth

The Minister of State for Labour and Employment, Festus Keyamo, has reacted to the prediction made by the International Monetary Fund (IMF) on Nigeria’s economic growth.

Naija News earlier reported that the IMF predicted a fall in the country’s economic growth to 2.9 % in 2024 from 3.2% in 2023.

The global money lender in its World Economic Outlook Update (January 2023) report revealed that Nigeria would have a shrink in economic growth by 0.3%.

According to the report, the country is however expected to grow from 3.0% in 2022 to 3.2% in 2023 because of certain measures put in place to tackle the issue of insecurity in its oil sector.

The report’s projection about this year’s 3.2% growth is an upgrade from the lender’s previous 3.0 growth projection for the year in its October outlook report.

It further explained that growth across sub-Saharan Africa would moderate at 3.8% in 2023 amid the prolonged fallout from the COVID-19 pandemic.

Reacting to the development in post via his Twitter page on Wednesday, Keyamo said Nigeria’s growth projection by the IMF is far better than most advanced economies.

The Chief Spokesman of the All Progressives Congress (APC) Presidential Campaign Council (PCC) also said critics of the Muhammadu Buhari government won’t show you the IMF projection but will keep parroting that ‘Nigeria is on the brink!’

He wrote: “Nigeria’s growth projection by the IMF is far better than most advanced economies. They won’t show you this. They will keep parroting that ‘Nigeria is on the brink!’”