IMF reduces Nigeria’s 2019 growth projection to 2.0%

The International Monetary Fund (IMF) has reduced the projection for Nigeria’s Gross Domestic Product (GDP) for 2019 to two per cent from its previous projection of 2.3 per cent.

The fund stated this in its World Economic Outlook (WEO) update titled, “A Weakening Global Expansion,” released on Monday.

The report also noted that emerging market and developing economies had been tested by difficult external conditions over the past few months amid trade tensions, rising US interest rates, dollar appreciation, capital outflows, and volatile oil prices.