Nigeria’s economic growth will slow next year
Nigeria’s economic growth will slow next year, according to a World Bank report.
According to the report released in Washington yesterday, October 4, and labeled Africa’s Pulse, growth will be down from 3.3% to 3.2%.
The World Bank blamed development on inflationary pressures.
The report reads: “The Nigerian economy is expected to slow in 2023, falling to 3.2% (from 3.3%) and persisting at this level the following year.
“Growth will be mainly supported by the rebound in private consumption, encouraged mainly by an accommodative monetary policy as inflationary pressures ease.
“Private consumer spending is expected to decline this year and increase next year. This performance will likely continue into 2024.
“On the production side, growth in 2023 will be supported by the industry (with a growth of 5.1%) with the mega-refinery project.
The report adds that the South African economy will weaken further due to structural constraints.
He said global headwinds were slowing Africa’s economic growth as countries faced rising inflation.
He added that high interest rates and debt are forcing African governments to make tough choices to protect jobs, purchasing power and development gains.