The International Monetary Fund (IMF) has predicted a subdued gross domestic product ( GDP) growth of 1.5% for Nigeria in 2021.
According to IMF, the largest economy in Africa is expected to return to it’s pre Covid -19 growth level by 2022.
Meanwhile, the economy will contract by 3.25% in 2020.
The IMF, on conclusion of its virtual mission on November 17, 2020 in Abuja, said: “The COVID-19 global pandemic is exacting a heavy toll on the Nigerian economy, which was already experiencing falling per capita income and double-digit inflation, with limited buffers and structural bottlenecks. Low oil prices and sharp capital outflows have significantly increased balance of payments (BOP) pressures and, together with the pandemic-related lockdown, have led to a large output contraction and increased unemployment. Supply shortages have pushed up headline inflation to a 30-month high.”
