The International Monetary Fund, IMF, has revised upward its growth forecast for the Nigerian economy in 2021 to 2.5 per cent from its earlier projection of 1.5 per cent it announced in January.
The IMF announced the new projection in its World Economic Outlook Update.
This is just as there are strong indications that Nigeria may be warming up for a debt repayment relief as the World Bank Group and the International Monetary Fund (IMF) would recommend to the G20, an extension of the Debt Service Suspension Initiative (DSSI) by low-income countries until the end of 2021.
Meanwhile, the new growth projection is 1.0 per cent higher than the multilateral institution’s 2021 forecast in January.
January’s forecast was a downward review from the forecast it shared in October 2020.