The World Bank forecasts the Nigerian economy to grow by 2.8 percent in 2023, down from 3.3 percent in 2022 and further recover to 3 percent in 2024 and 2025.
In the latest World Economic Outlook which was launched yesterday, Nigeria’s growth projections was maintained at 3.2 per cent.
“Nigeria, the largest African oil producer, is not expected to reach a current account surplus in 2022. The country’s higher crude oil export revenues are more than offset by higher imports of refined petroleum products, lower remittances, and lower capital inflows,” the World Bank said in the report.
The World Bank says Nigeria has connected a maximum of 4.3 million people to the grid in a single year, “if 4.5 million people were connected to the grid per year between 2022 and 2030, then 60 percent of the people would have to access electricity through mini-grid systems.” “Several factors are weighing on the second half outlook: Oil prices have jumped back above $80/barrel. The recent banking sector stress dampens activity. And inflation pressures persist.
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