The United Nations has said that Nigeria’s rising debt, increasing inflation rate and its impact on the welfare of the citizens, puts the nation at risk of declining economic growth in 2024.
The UN made this known in its World Economic Situation and Prospects report for 2024 projects made available to The PUNCH on Monday.
The PUNCH reports that Nigeria’s inflation rate stood at 28.2 per cent, with a debt profile of about N87.38tn by the second quarter of 2023 from N49.85tn in first quarter, which amounts to about 75.35 per cent increase, according to the National Bureau of Statistics.
The UN also estimated an increase in Nigeria’s growth rate, from 2.9 per cent in 2023 to 3.1 per cent in 2024.
The WESP is a report produced by the United Nations Department of Economic and Social Affairs, in partnership with the United Nations Conference on Trade and Development, and the five United Nations Regional Commissions.
According to the report,…