World Bank has predicted a 3.3 per cent to 3.2 per cent drop in Nigeria’s economy in 2023, blaming the decline on inflationary pressures.
The report tagged Africa’s Pulse published on Tuesday in Washington DC says the economic growth decline will extend till 2024.
“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 report said.