June 26, 2023

Nigeria Economic Update (Issue 22)

The World Bank’s Global Development Prospect report for June 2023 has maintained Nigeria’s projected growth rate 2023 at 2.8 percent. According to the report, this growth will primarily be driven by the non-oil sector as the oil sector grapples with structural challenges, resulting in output levels below the assigned quota by OPEC. Foreign exchange shortages, exchange rate volatility, security challenges, rising living costs, and limited fiscal capacity are anticipated to impede growth.

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