The problem of high commodity prices can reduce the economic development of Nigeria - IMF The International Monetary Fund (IMF) has predict...

 The problem of high commodity prices can reduce the economic development of Nigeria - IMF

The International Monetary Fund (IMF) has predicted that inflation will reduce Nigeria's economic growth to 2.9 percent in 2023.

The problem will reduce the forecast of the country's economic growth by zero and 3 points to 2.9 percent in 2023 due to the weakness in the production of oil and gas.

The IMF stated this in its latest global economic forecast for October, which was updated on Tuesday.

In early July, the IMF predicted that Nigeria's economy would grow by 3.2 percent in 2023.

However, in his new forecast, he said that the Nigerian economy will decrease from 3.3 percent in 2022 to 2.9 percent in 2023.