Economic challenges ahead: Nigeria and South Africa told to prepare for a tough 2023

Nigeria’s Economic Outlook

Nigeria and South Africa, the economic powerhouses of Africa, are gearing up to face a challenging 2023, according to a recent report from BMI. In this business-focused analysis, we delve into the economic landscapes of these two nations.

The report noted that while the economy showed signs of improvement in Q2 2023, with a 2.5% year-on-year expansion, the oil sector continued to struggle, contracting by a staggering 13.4%.

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