The International Monetary Fund (IMF), in its latest World Economic Update released in July 2023, projects that the Nigerian economy will experience slowdown in 2023 and 2024. Nigeria’s economy growth rate stood at 3.3 percent in 2022. However, due to security issues combined with other factors, the IMF stated that the economy is likely to slow down to 3.2 percent and 3.0 percent in 2023 and 2024 respectively. However, these projections place Nigeria’s economic growth below the anticipated expansion of 3.5 percent and 4.1 percent for the sub-Saharan Africa region in 2023 and 2024, respectively.
August 16, 2023
Nigeria Economic Update (Issue 30)
Available data from Nigeria Bureau of Statistics shows a decline in the Nigeria Aviation sub-sector (Transport Sector) real growth rate in 2017Q1. Compared to the preceding quarter, the sub-sector declined significantly by 9.6 percent, due to decline in the number of passengers and movement of aircrafts this may be connected to the closure of the Abuja airport for infrastructural development during the period. To ensure a near-optimal performance of the aviation sector, the government should also make efforts to improve aviation safety and security, establish a national carrier, and improve aircraft maintenance to world class standards.
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.