The United Nations has said the Nigerian economy will grow to three per cent in 2023 because of a robust commodities trade and dynamic consumer goods and services markets.
It stated that high inflation and power supply issues are affecting economic growth in the country. It disclosed this in its ‘The World Economic Situation and Prospects 2023’ report.
It said, “High inflation and power supply issues are impacting growth in Nigeria, but the economy will benefit from robust commodities trade and dynamic consumer goods and services markets, bringing growth to three per cent in 2023.” It stated that price levels that rose significantly in Africa because of a global pickup in inflation in 2022 are projected to moderate in 2023. According to the agency, the share of African countries experiencing double-digit inflation increased to 40 per cent in 2022 because of supply chain disruptions and the fallout from the war in Ukraine, which made essential food and energy items more expensive.
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