The World Bank has said that high borrowing costs, lower energy prices, slow growth in oil production and subdued oil-sector activity weaken Nigeria’s fiscal position.
The Washington-based bank also said that Nigeria’s growth weakened to 3.1 per cent in 2022 and will further decelerate to 2.9 per cent this year.The bank noted that a number of factors, such as low oil output, insecurity, petrol subsidies, forex scarcity, among others, hamper growth in the country.
The report read, “Growth in Nigeria—the region’s largest economy—weakened to 3.1 per cent in 2022, a 0.3percentage point downgrade from the June projection.
“A strong recovery in non-oil sectors moderated in the second half of the year as floods and surging consumer prices disrupted activity and depressed consumer demand. Persistent fuel and foreign exchange shortages, with the naira depreciating by over 30 per cent last year in the parallel market, further dampened economic activity.”
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