Nigeria’s economy is set to grow from 3.0 per cent in 2022 to 3.2 per cent in 2023 due to measures made to address insecurity in the oil sector, according to the International Monetary Fund.
The IMF disclosed this in its World Economic Outlook Update (January 2023) report. It stated that growth across sub-Saharan Africa will moderate at 3.8 per cent in 2023 amid prolonged fallout from the COVID-19 pandemic.
The Washington-based lender explained that growth in the global economy will slow down in 2023 before bouncing back in 2024. This is as the global fight against inflation and Russia’s war in Ukraine weigh on activity.