The World Bank has warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country.
Meanwhile, the bank has retained its economic growth (Gross Domestic Product, GDP) forecast of 2.8% for Nigeria in 2023, citing challenges of high inflation, foreign exchange shortages, and shortages of banknotes caused by currency redesign.
The World Bank gave the warning in the Global Development Prospect report for June 2023.Among other things, the bank downgraded its economic growth forecast for Sub Saharan Africa to 3.2% for 2023, from 3.4% projected in its April World Economic Outlook.