The World Bank has disclosed that Nigeria’s GDP growth rate is expected to decelerate to 2.9 percent in 2023 and remain at that pace in 2024 which is barely above population growth.
World Bank revealed this in its Global Economic Prospects report.
They noted that growth in Sub-Saharan Africa is projected to edge up in 2023 to 3.6per cent before picking up to 3.9 percent.
For Nigeria, The World Bank stated that the growth momentum in the non-oil sector is likely to be restrained by continued weakness in the oil sector.
The Bank added that Nigeria’s fiscal position is to remain weak due to high borrowing costs and lower energy prices.
