The World Bank Group has once again lowered its growth projection for Nigeria’s economy, citing a weakened oil sector as its primary reason.
According to the projection, Nigeria’s economy will further decelerate to 2.9 per cent in 2023 and is not expected to record any growth in 2024.
The Washington-based bank said growth momentum in the non-oil sector was likely to be restrained by continued weakness in the oil sector, which would negatively impact Nigeria’s oil-based economy. 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.
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