The World Bank, in its June Global Economic Prospects, has marginally marked down Nigeria’s output growth for this year to 2.8 per cent on account of the slower speed seen in the first quarter.
The economy is expected to see faster growth of three per cent and 3.1 per cent in 2024 and 2025 respectively.
In the first quarter, the gross domestic product experienced a squeeze on account of cash scarcity and finished at 2.3 per cent growth rate. “Growth in Nigeria, the region’s largest economy, eased further in early 2023 as a rebound in oil output remained constrained by persistent production challenges.
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