Recall that in October, IMF had projected that Nigeria's economy will grow by 0.6 percent.
Contained in its January 2017 World Economic Outlook – “A Shifting Global Economic Landscape.
This latest forecast for Nigeria was based on prospects of higher oil production due to security improvements.
The IMF world economic outlook report which was released on Monday, January 16, read: “ Global growth for 2016 is now estimated at 3.1 percent, in line with the October 2016 forecast. Economic activity in both advanced economies and EMDEs is forecast to accelerate in 2017–18, with global growth projected to be 3.4 percent and 3.6 percent, respectively, again unchanged from the October forecasts.
“Nigeria's forecasts were also revised up, primarily reflecting higher oil production due to security improvements.”
Also revised was its forecast for Nigeria in 2018 which was put at 2.3 per cent from its previous projection of 0.7 percent.