The International Monetary Fund (IMF), has in its January World Economic Outlook improved its projection for Nigeria’s 2023 economic growth rate to 3.2 per cent, representing 0.2 percentage points increase from the 3.0 per cent earlier projected in its October 2022 World Economic Outlook. The IMF based its reviewed growth on improved security measures in the oil sector in the country.
February 28, 2023
Nigeria Economic Update (Issue 4)
Related
Nigeria Economic Update (Issue 36)
Recently
released GDP figures reveals that the three major sectors recorded positive and
negative growth rates individually in 2017Q2. Firstly, Agricultural
sector grew Year on Year by 3.01 percent, down from 3.39 percent in 2017Q1- driven by
weaker output in crop production and Fishing sub-sectors. This is not
unconnected with the planting season and the shortage of grainsfor livestock/fish respectively.
Nigeria Economic Update (Issue 22)
Power
sector analysis shows a decline in power generated by 15.07 percent from a peak
of 3,424 mw to 2,908 mw between May 8, 2016 and May 15, 20169. The
declining power supply is attributable to vandalism of pipelines and gas
shortages, which has a debilitating effect on power generation. As part of the
efforts by the Federal Government to improve power supply in the country, the
Bank of Industry (BoI) is currently funding intervention projects to provide
alternative source of energy (solar) in rural areas across the country10.
Since the major problem facing power generation in the country is gas
shortages, the government should make concerted efforts to combat vandalism.