Nigeria’s economic growth is projected to decelerate to 2.9 per cent in 2023 and remain at that pace in 2024, the World Bank has said.
The growth projection, barely above population growth, comes against the backdrop of challenges in the oil and non-oil sectors of the Nigerian economy, the Washington-based institution said in its latest Global Economic Prospects (GEP) released on Tuesday.
The World Bank said that a growth momentum in the non-oil sector is likely to be restrained by continued weakness in the oil sector while existing production and security challenges, and a moderation in oil prices, are expected to hinder a recovery in oil output.
