The Nigerian economy is set to grow by 2.8 per cent in 2023, down from 3.3 per cent in 2022, the World Bank has said.
The bank, in its Africa Pulse Report April 2023 edition titled “Leveraging resource wealth during the low carbon transition” said the economic growth is expected to accelerate slightly to an average annual rate of 3 per cent in 2024–25.
This, it said, translates into growth per capita of 0.2 per cent in 2023 and 0.4 per cent in 2024–25, which is insufficient to reduce extreme poverty in the country.
“Growth will continue to be driven by services, trade, construction, manufacturing, and agriculture.
“Oil production is projected to remain subdued in 2023, because of inefficiencies and insecurity, and recover slightly in 2024–25,” it said.
On the production side, the report added that growth in 2023 will be supported by industry (with a growth of 5.6 per cent) with the mega-refinery project.
The report said the economic performance of…