The World Bank projects that Nigeria’s economy will grow at 2.9 per cent in 2023 due to lower international prices and currency pressures affecting oil and non-oil activity.
A report by the bank indicated that Increased conflict and violence in the region would impact economic activity while rising fragility may be exacerbated by climatic shocks.
However, Economic growth in Sub-Saharan Africa is forecast to decelerate to 2.5 percent in 2023, from 3.6 percent in 2022.
Despite the gloomy outlook, Inflation is expected to decline from 9.3 percent in 2022 to 7.3 percent in 2023 within the African region.
