The World Bank has predicted that Nigeria’s growth would decelerate from 3.3 per cent in 2022 to 2.9 per cent in 2023.
The bank noted, in a report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28), that the country’s oil production had remained below OPEC+ quota amid capacity issues and lower international oil prices.
The World Bank further noted that non-oil economic activity, particularly industry and services still supported growth, policy actions to remove fuel subsidies and unify the exchange rates might be weighing on these activities in the short term.
