Policy Group Questions IMF’s 3% Growth Forecast for Nigeria, Cites Economic Diversification
Written by Olakunle Oke on May 7, 2025
A policy think tank, the Independent Media and Policy Initiative (IMPI), has expressed skepticism over the International Monetary Fund’s (IMF) recent downgrade of Nigeria’s economic growth forecast to 3% for 2025. The group’s chairman argued that the Nigerian economy has undergone significant diversification beyond oil, with substantial growth in non-oil exports, making the IMF’s forecast overly pessimistic.
IMPI noted that the IMF’s projection seems to be overly reliant on the oil sector, which is no longer the sole driver of Nigeria’s economy. The think tank pointed to the country’s ongoing economic diversification efforts and the impact of government policies as evidence that the economy is capable of more robust growth.
Instead, IMPI favors a more optimistic growth forecast, citing the 7% projection made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as more plausible. The group also noted that the World Bank’s projection offers a more optimistic view of Nigeria’s economic prospects.
IMPI’s critique of the IMF’s forecast highlights the complexities of economic forecasting and the need for nuanced understanding of Nigeria’s evolving economy. As the country continues to navigate economic challenges, diverse perspectives on its growth prospects will be crucial for informed decision-making.
