Nigeria’s Economic Development to Slow Down In 2023 – World Bank
Next year, Nigeria’s economic development will decrease, according to the World Bank
According to a World Bank report, Nigeria’s economic development would slow down in 2019.
According to the research titled Africa’s Pulse, which was published in Washington yesterday, October 4, the growth will decrease from 3.3% to 3.20%.
The World Bank attributed the trend to inflationary pressures.
The report states: “The Nigerian economy is projected to slow in 2023, down to 3.2 per cent (from 3.3 per cent) 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 growth of 5.1 per cent) with the mega-refinery project.”
The research also stated that due to fundamental limitations, the South African economy will continue to deteriorate.
Africa’s economic growth is being slowed by global headwinds, according to the report, as countries deal with growing prices.
In order to safeguard people’s jobs, purchasing power, and development advancements, it was further said that high interest rates and debt were forcing African governments to make challenging decisions.