IMF Cuts Nigeria’s 2025 Economic Growth Forecast to 3% Over Falling Oil Prices

The International Monetary Fund (IMF) has lowered its 2025 economic growth projection for Nigeria to 3.0%, down from an earlier forecast of 3.2%, citing declining global crude oil prices.

The updated outlook was released in the IMF’s April 2025 World Economic Outlook (WEO) report, unveiled during the ongoing Spring Meetings of the IMF and World Bank in Washington, DC.

The report also noted a broader slowdown across sub-Saharan Africa, with regional growth expected to dip from 4.0% in 2024 to 3.8% in 2025, before edging up to 4.2% in 2026.

Nigeria’s downgrade was attributed to weaker oil revenues, while other major African economies faced similar revisions. South Africa’s forecast was reduced by 0.5 percentage points for 2025, amid subdued economic momentum and rising uncertainty. Meanwhile, South Sudan saw a dramatic 31.5 percentage point cut due to delayed oil production after pipeline damage.