IMF cuts Nigeria 2022 growth forecast to 3%

ABUJA (Reuters) -The International Monetary Fund has revised Nigeria's 2022 real GDP growth forecast down to 3% from 3.4% earlier, citing weak oil production and the adverse effects of recent flooding.

"Output growth is expected to moderate in 2022 to 3% and improve slightly next year," the IMF said in a statement.

In June, the IMF said Nigeria's real GDP growth was broadening to all sectors except oil but inflation remains elevated. It added that the economic outlook for Africa's most populous nation and top oil producer was challenging, with high food prices raising food security concern.

The IMF said double-digit inflation in Nigeria is expected to moderate at end-2022 as the start of the harvest season more than counters the projected increase in rice prices caused by recent flooding.

(Reporting by Anait MiridzhanianWriting by Chijioke OhuochaEditing by Mark Heinrich and Toby Chopra)