Melvin Onwubuke
Nigeria and other African nation’s economic growth fell to 3.2 per cent 2023 contrary to 4.1 per cent in 2022.
According to Africa Development Bank, the political instability, and China’s economic slowdown were exacerbating the shocks of covid 19 and the war of Russia in Ukraine.
In the statement, the bank said “The shocks buffeting African economies since 2020 have damaged growth, with long-term implications.”
In the report, it said despite the economic turmoil being experienced in Nigeria, attributed to the foreign exchange crisis, sharp devalued currency, which has pushed up inflation, worsened the cost of living; Nigeria, Africa’s largest economy is set to grow 2.9 percent in 2024, up from 0.4 percent of last year.
The Bank forecast faster growth in all regions of the continent except for central Africa in 2024.
