Nigeria’s economic growth to slow down next year- World Bank

A World Bank report released in Washington yesterday says Nigeria’s economic growth will slow down next year.

The report titled Africa’s Pulse said the growth will be down from 3.3 percent to 3.2 percent.

It blamed the development on inflationary pressures.

“The Nigerian economy is projected to slow in 2023, down to 3.2 percent (from 3.3 per t), and persist at this level the following year.

“Growth will be supported mainly by the rebound in private consumption prompted mostly by accommodative monetary policy as inflationary pressures subside.

“Private consumption expenditure is forecast to decrease this year and grow next year. This performance will likely continue in 2024.

“On the production side, growth in 2023 will be supported by industry (with the growth of 5.1 percent) with the mega-refinery project,” the report said.

The report, which is a biannual analysis of the near-term regional macroeconomic outlook, and economic growth in Sub-Saharan Africa (SSA), shows that the war in Ukraine has worsened inflation and depressed business investments and household consumption.



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