China’s declining growth is set to affect Nigeria’s economic fortune, the International Monetary Fund has disclosed. IMF noted that because China has forged deep economic ties with countries in sub-Saharan Africa over the past 20 years, its recent declining growth may affect growth in Nigeria by 0.5 percentage points on average. It, however, noted that China’s recovery from the pandemic is now set to ripple across Africa. A one percentage point decline in China’s growth rate could reduce average growth in the region by about 0.25 percentage points within a year, according to the latest Regional Economic Outlook. He said, “China is a significant trade partner for Nigeria.

Source: Punch November 10, 2023 22:10 UTC