The International Monetary Fund (IMF) says that oil-producing countries in Sub-Saharan Africa are growing at roughly half the pace of the broader region in what the IMF describes as “subdued and uneven” growth.
The IMF’s regional economic outlook for Sub-Saharan Africa, released on Friday, highlights that while diversified economies like Senegal and Tanzania are projected to grow above the regional average, Nigeria is expected to lag, with growth forecasted at 2.9%.
The Fund urged oil-exporting countries in Sub-Saharan Africa to reform their economies to address uneven regional economic growth.
According to the IMF’s latest World Economic Outlook, the region’s economy is projected to grow by 3.6% this year—consistent with last year’s growth and a slight downgrade from the 3.8% forecast in April.
Commodity-dependent economies continue to lag behind their more diversified counterparts.
IMF Africa Director Abebe Aemro Selassie emphasized that Nigeria’s government must…