Analysts say its a mystery that the World Economic Outlook (WEO) says Nigeria has reasons to outgrow their initial forecast, alongside some countries in the Sub-Saharan Africa (SSA), even when the sub region exports fall behind its imports.
Bismarck Rewane, Chief Operating Officer (COO) of Financial Derivatives Company (FDC) Limited, for instance wondered why inflation is on the rise globally, but that of Nigeria is shrinking.
Public opinion is yet to understand why there could be growth, but no impact on lives and businesses.
In its October 2021 edition of the World Economic Outlook (WEO), the International Monetary Fund (IMF) downgraded the 2021 global growth outlook, highlighting risks to output as the Delta variant delays recovery in supply chain across Advanced Economies (AEs) and worsens pandemic impacts on low-income developing economies.
For Sub-Saharan Africa, growth prospects for 2021 was raised to 3.7 per cent compared to 3.4 per cent in July on the back of upgrades of regional bellwethers – Nigeria (2.6 per cent from 2.5 per cent in July) and South Africa (5.0 per cent from 4.0 per cent in July).
Like the World Bank in its recent bi-annual report “Africa’s Pulse” on SSA, the IMF anchored its improved outlook for SSA on rising commodity prices and expanding international trade activities.
