Abuja, Feb. 1, 2023 – The Nigerian economy will grow by three per cent in 2023, the United Nations (UN) has projected.
The UN made the projection in its report titled ‘2023 World Economic Situation and Prospects’.
The report said that in spite of high inflation and poor power supply in the country, the economy would benefit from robust commodities trade and dynamic consumer goods and services markets.
“High inflation and power supply issues are impacting growth in Nigeria, but the economy will benefit from robust commodities trade and dynamic consumer goods and services markets, bringing growth to three per cent in 2023,” it said.
The UN said aggregate output in Africa was projected to remain subdued amid volatile and uncertain global environment compounding domestic challenges.
The UN also said favourable export prices would benefit commodity exporters in Africa, but a slowdown in global demand would pose challenges. (GBN)
