2023 GOVERNORSHIP AND
STATE HOUSE OF ASSEMBLY ELECTIONS
[UPDATED] World Bank projects 3.2% growth in Nigeria’s Economy in 2023
The International Monetary Fund (IMF) has retained its growth forecast of 3.2 percent for Nigeria’s economy in 2023.
The IMF, in its World Economic Outlook for April 2023 titled ‘A Rocky Recovery’, also forecast a three percent growth in the country’s gross domestic product (GDP) for 2024.
Other countries highlighted in its 2023 projections were USA (1.6%), Germany (-0.1%), France (0.7%), Italy (0.7%), Spain (1.5%). Japan (1.3%), UK (-0.3%), and Canada (1.5%).
Others are China (5.2%), India (5.9%), Russia (0.7%), Brazil (0.9%), Mexico (1.8%), Saudi Arabia (3.1%), and South Africa (0.1%).
The projection by the Washington DC-based global lender comes days after the World Bank revealed that the naira recorded a 10.2 percent depreciation in 2022, prompted by rising food and fuel prices globally, among other stimulants.
In its Africa Pulse report published last week, the World Bank stated that the depreciation of the exchange rate was also a major contributor to inflationary pressures in the Sub-Saharan region.
“In Nigeria, recently released activity data show mixed results. On the one hand, real GDP growth was higher than expected in the fourth quarter of 2022. It picked up to 3.5 percent y/y, from 2.3 percent in the third quarter. Both oil and non-oil sector activity improved by late 2022,” it said.
“After a 22.7 percent y/y contraction in the third quarter of 2022, oil GDP fell by 13.4 percent y/y in the fourth quarter as security services were making headway against oil theft.”
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