Borrowing costs, others weaken Nigeria’s fiscal position – W’Bank

The World Bank has said that high borrowing costs, lower energy prices, slow growth in oil production and subdued oil-sector activity weaken Nigeria’s fiscal position.

The Washington-based bank also said that Nigeria’s growth weakened to 3.1 per cent in 2022 and will further decelerate to 2.9 per cent this year.

This was according to the latest Global Economic Prospects report by the World Bank on Tuesday.

The bank noted that a number of factors, such as low oil output, insecurity, petrol subsidies, forex scarcity, among others, hamper growth in the country.