The International Monetary Fund (IMF) has projected that Nigeria’s economy is to shrink by -4.1 per cent growth this year, down from the earlier projection of 2.7 per cent, to berth at a negative growth rate average of -1.8 per cent following Britain’s exit from the European Union (EU).
According to the IMF, which is the global economic policy advisory establishment, this means that Nigeria’s economy will be in full recession this year.
Concerning the sub-Saharan African commodities-reliant countries, the IMF said: “The outlook for other emerging and developing economies remains diverse and broadly unchanged relative to April. That said, gains in the emerging group are matched by losses in low-income economies. Indeed, low-income countries saw a large downward revision in 2016, in large part driven by the economic contraction in Nigeria and also worsened outlook in South Africa, Angola and Gabon. “
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