A new International Monetary Fund (IMF) has released a new grim forecast for Nigeria, indicating that the biggest economy in Africa is headed towards experiencing the worst recession since 30 years, OYOGist.com has learned.
![](https://oyogist.com/wp-content/uploads/2020/04/IMF-Projection-for-Nigeria-1024x819.png)
The new forecast projects that Nigeria’s economy will relapse by 3.4 percent in 2020 due to the COVID-19 pandemic that has affected the entire world.
According to the forecast, the GDP growth (an index that measures the productive output and purchasing power of countries) will see a 3.4% contraction in 2020.
The International Monetary Fund also projected a 13.4 percent rise in inflation in Nigeria, also the highest recorded in decades.
![](https://oyogist.com/wp-content/uploads/2020/04/IMF-statistic-on-Nigeria-2020-1024x759.png)
IMF, in Washington, United States, made this new forecast in its April 2020 World Economic Outlook statement that was published on Tuesday.
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