Insecurity May Make Poverty And Unemployment Worse.

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According to a report by Augusto&Co, a research, credit ratings, and risk management company, insecurity issues in the country that persisted through 2022 may increase poverty and a high unemployment rate in 2023. It became more severe in 2022 and is now widespread throughout much of the nation.

The World Bank, according to the study, has lowered its estimate of Nigeria’s economic growth to 2.9% from the earlier figure of 3.2% made in June 2022.

Agusto & Co. had a somewhat more bullish projection, at 3%, and expressed the expectation that election expenditure, higher oil output (to 1.3-1.4mbpd19), and still-high oil prices ($88pb20) would assist the GDP growth, which would, however, be restrained by poor investment and productivity.

Its projection for Nigeria decreased from the initial estimate of 3.2% in June 2022 to 2.9%.
Agusto & Co. had a somewhat more bullish projection, at 3%, and believed that election expenditure, higher oil output (to 1.3-1.4mbpd19), and still-high oil prices ($88pb20) would assist the GDP expansion, which would, however, be restrained by poor investment and productivity.

It stated Nigeria’s ability to swiftly stop widespread oil theft and vandalism would be essential to increasing foreign exchange earnings and giving the CBN adequate justification to step up its interventions in the forex market. American Embassy in Nigeria’s emergency response is constrained by insecurity But it said that it anticipated that high global interest rates would continue to restrict capital inflows and increase.

Punch

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