The World Bank has said that Nigeria's economic growth is too slow to address the challenge of extreme poverty in the country. The Washington-based bank
The World Bank has said that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country.
It downgraded its economic growth forecast for Sub-Saharan Africa to 3.2 per cent for 2023 from 3.4 per cent projected in its April World Economic Outlook. “Growth in the three largest SSA economies – Nigeria, South Africa and Angola – slowed to 2.8 per cent in 2022 and continued to weaken in the first half of this year. In Angola and Nigeria – SSA’s largest oil producers – the growth momentum has stalled amid lower energy prices and stagnant oil production”, the bank stated.
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