Nigeria’s economy to grow by 3% in 2023 — UN

Commodity exporters in Africa will likely face weaker market conditions given the expected global economic slowdown, it said.

The UN, in its 2023 World Economic Situation and Prospects report published on its website, said high inflation and power supply issues are impacting growth in Nigeria.

The report noted that in 2023, growth is expected to pick up in East Africa and West Africa while stabilising in Central Africa. “Low and falling growth in income per capita estimated to drop to 1.4 per cent in 2023 after averaging 1.6 per cent in 2021 and 2022 will keep poverty entrenched and prevent countries from accelerating progress towards the SDGs.“In line with the global pickup in inflation, price levels have risen significantly in African countries but are projected to moderate in 2023,” the report added.

Given higher interest rates, the report added that with weaker currencies against the dollar and lower capital inflows, a number of African countries will face challenges in servicing and rolling over a large volume of debt, especially in 2024, when principal repayment of about $11 billion on Eurobonds will be due.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

PremiumTimesng /  🏆 3. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

2023: I have no friction with Buhari - Tinubu insistsAsiwaju Bola Tinubu, the presidential candidate of the All Progressives Congress, APC, has discharged any insinuation of friction in his relationship with
Read more »

BREAKING: 2023: INEC announces new deadline for collection of PVCsThe Independent National Electoral Commission, INEC, has announced the extension of the deadline for collection of Permanent Voter Cards, PVCs,
Read more »

2023: Tinubu in Zamfara, speaks on relationship with President BuhariMr Tinubu insisted that his support for the president is steadfast.
Read more »

2023: Kanu denies endorsing any candidateThe Olympic gold medallist urged Nigerians to go out en masse to vote for the candidate of their choice
Read more »

To vote APC in 2023, you must first hate yourself (I)With less than one month to Nigeria’s general election, one political party ought not to be on the ballot at all. That is the ruling All Progressives Congress.
Read more »

WHY THE 2023 POPULATION CENSUS MUST BE POSTPONED – THISDAYLIVE
Read more »