IMF cuts Nigeria GDP forecast to 2% as coronavirus hits oil

Plunging oil prices on the back of the coronavirus outbreak pushed the International Monetary Fund to cut Nigeria’s economic growth estimate to 2% from 2.5% this year.

Africa’s top oil producer now needs a major policy overhaul to reduce growing vulnerabilities, the IMF said in a statement after concluding its Article IV consultation to Nigeria.

“Under current policies, the outlook is challenging,” the global lender said in a statement late on Monday. “The mission’s growth forecast for 2020 was revised down to 2% to reflect the impact of lower international oil prices.”

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