Growth in agriculture is expected to soften in Nigeria because of the damage from last year’s floods, the bank said.
Nigeria’s economic growth is projected to decelerate to 2.9 per cent in 2023 and remain at that pace in 2024, the World Bank has said.
In its Nigeria Development Update , the bank said that the nation had to make hard choices or face a worse economic downturn in the months and years ahead. The revision in growth projection, it added, was due to slow economic growth in the third quarter of 2022, due to a weak performance in critical areas of the economy.
“Growth in SSA is projected to edge up in 2023 to 3.6 percent—a 0.2 percentage point downward revision from the June forecast—before picking up to 3.9 percent, in 2024,” it said. “Constrained access to external financing, tight fiscal space, and high borrowing costs are expected to markedly limit many governments’ ability to spur faster growth,” it said.
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