According to the international lender, this was because the economy has recouped output losses sustained during the COVID pandemic, bolstered by favourable oil prices and domestic consumption.

Recall that the IMF had on February 1, upgraded its projection for Nigeria’s 2023 economic growth rate to 3.2 percent representing a 0.2 percentage points increase from the 3.0 percent earlier projected in its October 2022 World Economic Outlook.

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