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The World Bank, in its Africa Pulse Report April 2023 edition titled “Leveraging Resource Wealth During the Low Carbon Transition” said Nigeria’s economy is set to grow by 2.8 percent in 2023, a drop from 3.3 percent recorded in 2022
The World Bank, in its Africa Pulse Report April 2023 edition titled “Leveraging Resource Wealth During the Low Carbon Transition” said Nigeria’s economy is set to grow by 2.8 percent in 2023, a drop from 3.3 percent recorded in 2022.
The economic growth is expected to accelerate slightly to an average annual rate of three per cent between 2024 and 2025. This, the bank said, will translate into growth per capita of 0.2 per cent in 2023 and 0.4 per cent in 2024 and 2025, which is insufficient to reduce extreme poverty in the country, and that growth would continue to be driven by agriculture, trade, among others. On the production side, the report added that growth in 2023 would be supported by industry (with a growth of 5.6 per cent) with the mega-refinery project.
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Commenting on the development, the President of the World Bank, David Malpass, urged the Nigerian government to remove trade barriers including the multiple exchange rates, which it said is hampering growth of the nation’s economy. Malpass said there was a need for the country to ease trade restrictions and diversify its economy to achieve shared prosperity and sustainable growth.
