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The International Monetary Fund has lowered Nigeria’s 2022 economic growth projection to 3.2 per cent. This is 0.2 percentage points lower than the 3.4 percent projected in its July 2022 report. The Washington-based institution disclosed this on Tuesday in its World Economic Outlook for October 2022 titled, “Countering the Cost-of-Living Crisis.” The report also downgraded the economic growth projection for sub-Saharan Africa from 3.8 per cent to 3.6 per cent. According to the IMF, this downgrade was due to tighter financial and monetary conditions. The report read in part, “This weaker outlook reflects lower trading partner growth, tighter financial and monetary conditions, and a negative shift in the commodity terms of trade.” Overall, the financial institution said global growth was projected to slow from an estimated 6.1 per cent in 2021 to 3.6 per cent in 2022 and 2023. Speaking in a separate event titled, ‘Climate Change and Food Insecurity in Sub-saharan Africa,’ an analyst at the African Department IMF, Mai Farid, warned that the recent incidents of flooding in some states in Nigeria would worsen food insecurity and lead to further increase in food inflation.