CSEA hosted representatives of the World Bank Nigeria Office on July 31, 2023 for a presentation of the ‘Nigeria Development Update: Seizing the Opportunity’ report.
The report, which is an assessment of Nigeria’s economic development, notes that Nigeria’s economic performance weakened in the first part of 2023 amid a challenging global context and domestic economic distortions.
The report further notes that the global economy, still grappling with the compounded effects of the COVID-19 pandemic, Russia’s invasion of Ukraine, and the sharp tightening of monetary policy to curb high inflation, remains in a precarious position (World Bank, 2023).
While external financing conditions have broadly stabilized over the past six months, they remain challenging, especially for frontier markets such as Nigeria. Emerging and developing economies face deteriorating growth prospects due to the higher cost of borrowing, limited access to international capital markets, high inflation, and record debt levels.
Read the report here.