“The marginal growth in GDP by 2.5% in Q2 2023 from 2.3% in Q1 2023 was caused by the lingering effect of the cash crunch,' PwC said.
“The marginal growth in GDP by 2.5% in Q2 2023 from 2.3% in Q1 2023 was caused by the lingering effect of the cash crunch," PwC said.The Nigerian economy will limp on at the slow tempo of growth it started the first quarter of the year with through to the end and expand at virtually the same rate next year, PricewaterhouseCoopers foresaw in a new outlook for Africa’s largest economy.
The 2024, as the IMF projected, falls behind the emerging market and developing economies average, but is way ahead of that of Africa’s most industrialised economy South Africa.expects the Southern African country to confine Nigeria to the second position on the continent in GDP terms next year even at a 1.8 per cent growth rate.
Nigeria is on a drive to buck tax’s contribution to GDP up to 18 per cent by 2026 so that the country, one of the crop with the lowest tax-to-GDP ratio in the globe, will be able to bolster revenue as borrowing is no longer an option for government finance.