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.
June 26, 2023
Nigeria Economic Update (Issue 22)
Related
Africa Economic Update (Issue 2)
Business activities in Africa
slightly improved in February 2017 albeit at a slow rate. Sales Managers Index
(SMI) for Africa an assessment of business condition in Pan-African Economy
increased by 0.4 index points from 52.2 points in January 2017 to 52.6 points
in February 2017. Sub-Saharan African countries experienced better
business activities than North Africa in the review period. The two largest
economies in the region, Nigeria (48.5 index points) and South Africa (49.2
Index points) registered contraction in the review period as Nigeria remained
in recession while high unemployment remained a problem in South Africa. The
growth in SMI recorded in the review period is driven by improvement in
business confidence and sales price which outweighed the fall in other
components market growth, sales output and staffing level.