The recently published April 2023 Africa’s Pulse report by the World Bank, disclosed that Nigeria’s non-oil sector is projected to drive the country’s economy. This is due to a number of factors that are expected to cause oil production to remain low in 2023.
The report, which analyzes the factors influencing Africa’s economic future, predicts that Nigeria’s economy will grow at a 2.8% annual rate in 2023, down from a 3.3% annual rate in 2022.
According to the report, the country’s oil production will remain low in 2023. However, growth will continue to be driven by services, trade, construction, manufacturing, and agriculture. Nigeria’s projected current account deficit will remain at an average of 0.3% of GDP in 2023–25 because of declining prices and stagnant oil production.”
