Fuel shortage, inflation’ll weaken Nigeria’s economic growth – World Bank
The World Bank has said that fuel shortage and rising inflation will likely restrain economic growth in Nigeria.
It said this in the June 2022 edition of its Global Economic Prospects report.
The financial institution had projected that Nigeria’s economy would grow by 3.4 per cent in 2022 but decline to 3.2 per cent in 2023 and 2024.
For the first quarter of 2022, the National Bureau of Statistics reported a 3.11 per cent growth, which is still less than the World Bank’s growth projection for Nigeria.
The lender said the growth in Nigeria’s economy would be driven by elevated oil prices, recovery in agriculture and manufacturing, and structural reforms (for example, the Petroleum Industry Act of 2021).
However, it noted that there would be persistent production challenges in the oil sector, which are expected to weigh on growth.
The World Bank also said, “The recovery in non-oil sectors is envisioned to continue, although…
