Nigeria’s economy to shrink on Brexit, says IMF

From the International Monetary Fund (IMF) has come the not-so-cheery news that Britain’s exit from the European Union (EU) would have negative impact on some nations including Nigeria.

Accordingly, the IMF has projected that Nigeria’s economy is to shrink by -4.1 per cent growth this year, down from the earlier projection of 2.7 per cent, to berth at a negative growth rate average of

-1.8 per cent.

Effectively, what the current updated global economic growth rate outlook released yesterday means is that Nigeria’s economy will be in full recession this year.

According to the IMF, which is the global economic policy advisory establishment, the new outlook also cuts Nigeria’s 2017 growth projection from the earlier 1.1 per cent to -2.4 per cent.

The new economic outlook is against the backdrop of the risk of the recent exit from the European Union by Britain.

Source: Guardian