Despite the gloom and doom that have characterised the country’s economy, the United Nations has projected that the Nigerian economy will grow by 3 percent in 2023.
According to tts report titled ‘2023 world economic situation and prospects’, the intergovernmental organisation said despite the twin challenges of high inflation and poor power supply Nigeria, the economy would benefit from robust commodities trade and dynamic consumer goods and services markets.
Produced by the United Nations Department of Economic and Social Affairs (UN DESA), in partnership with the United Nations Conference on Trade and Development (UNCTAD) and five United Nations regional commissions, the report noted that, “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 3 percent in 2023”.
The United Nations stated that aggregate output in Africa is forecast to stay subdued in the midst of volatile and uncertain global environment compounding challenges in the domestic market.
“Inflation pressures are expected to ease in 2023 as monetary policy tightens across the continent. Yet, rapidly rising borrowing costs and debt-servicing burdens pose significant risks along with electoral instability and food insecurity,” the report reads.
