Nigeria’s economic growth to slow down next year – World Bank

Nigeria’s economic growth will slow down next year, a World Bank report said.

According to the report released in Washington yesterday, October 4, and tagged Africa’s Pulse, the growth will be down from 3.3 per cent to 3.2 per cent.

World Bank blamed the development on inflationary pressures.

The report reads: “The Nigerian economy is projected to slow in 2023, down to 3.2 per cent (from 3.3 per  cent) and persist at this level the following year.

“Growth will be supported mainly by the rebound in private consumption prompted mostly by accommodative monetary policy as inflationary pressures subside.

“Private consumption expenditure is forecast to decrease this year and grow next year. This performance will likely continue in 2024.

“On the production side, growth in 2023 will be supported by industry (with growth of 5.1 per cent) with the mega-refinery project.”

The report added that the South African economy will weaken further because of structural constraints.

It said global headwinds are slowing Africa’s economic growth with countries contending with rising inflation.

It added that high interest rates and debt are forcing African governments to make difficult choices to protect people’s jobs, purchasing power and development gains.