… IMF Raises Nigeria’s 2024 Growth Forecast To 3.3%
The World Bank released a report on Monday, highlighting the imperative need for Nigeria and other Emerging Markets and Developing Countries (EMDCs) to secure a staggering $600 billion in investments to realize the clean hydrogen energy project by 2030.
The report underscores the significance of clean hydrogen as a pivotal component in the global energy transition, particularly for its potential to decarbonize hard-to-abate sectors like heavy industry and heavy-duty transport.
Notably, the largest hydrogen project under construction is in Saudi Arabia, slated to commence operations in 2026.
To alleviate the financial strain, the World Bank proposes a yearly investment of $100 billion until 2030, with clean hydrogen expected to emerge as a major energy source worldwide by the end of the decade.
The report emphasizes that EMDCs possess the potential to attract $100 billion annually in clean hydrogen investments, marking a substantial increase from current levels and aligning with global climate goals.
Furthermore, the report suggests that a global hydrogen economy could reshape energy geopolitics and stimulate sustainable economic growth in EMDCs, positioning them as frontrunners in the development of this new energy value-chain.
Meanwhile, the International Monetary Fund (IMF) has raised its forecast for Nigeria’s economic growth in 2024 to 3.3 per cent from the 3.0 per cent growth projection for the country that it announced in January.
The IMF which disclosed this in its April 2024 World Economic Outlook (WEO) report, released on Tuesday, however, lowered its growth forecast for the country next year to 3.0 per cent from its 3.1 per cent forecast in January.
The report said: “In sub-Saharan Africa, growth is projected to rise from an estimated 3.4 per cent in 2023 to 3.8 per cent in 2024 and 4.0 per cent in 2025, as the negative effects of earlier weather shocks subside and supply issues gradually improve.
“The forecast is unchanged for 2024 from the January 2024 WEO Update, as a downward revision to Angola owing to a contraction in the oil sector is broadly offset by an upward revision to Nigeria.”
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