The World Bank stated during a briefing in Abuja that it had revised its growth projection for Nigeria for 2022 from 3.8% to 3.1%.
The modest economic growth in the third quarter compared to a year earlier, slowed by the oil sector and dismal performance in other economic sectors, was cited as the cause of the modification.
According to the bank, growth will slow next year by 2.9%.
The IMF downgraded Nigeria’s real GDP growth prediction for 2022 from 3. 4% to 3% last month, citing low oil production and the negative consequences of recent flooding.