World Bank: Nigeria’s Economic Expansion is too Sluggish to Combat Poverty.
The World Bank issued a warning Monday, stating that Nigeria’s economic expansion is too sluggish to deal with the issue of severe poverty in the nation.
The bank has maintained its 2.8% GDP growth prediction for Nigeria in 2023, despite difficulties such as rising inflation, a lack of foreign currency, and a scarcity of banknotes as a result of currency reform.
In its Global Development Prospect report for June 2023, the World Bank issued the caution. The bank reduced its estimate of Sub-Saharan Africa’s economic growth from 3.4% in its April World Economic Outlook to 3.2% for 2023, among other factors.
In addition, it predicted that financial concerns would cause the world economy’s growth to decelerate to 2.1% in 2023. “Growth in SSA is anticipated to slow down even more to 3.2 percent in 2023 before picking up to 3.9 percent in 2024.”