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World Bank: Nigeria’s economy will be driven by non-oil sector in 2023

Key highlights


In its April 2023 Africa’s Pulse report, the World Bank said that Nigeria’s economy will be driven by the non-oil sector as oil production is projected to remain subdued in 2023 due to several factors.

More details from the report

The report, which is an analysis of issues, shaping Africa’s economic future, stated that the Nigerian economy is set to grow by 2.8% in 2023, down from 3.3% in 2022, while oil production will remain subdued in 2023. A part of the report read:

What to do

According to the World Bank report, African countries that find themselves battling inflation amid several other macroeconomic challenges need to adopt the following recommendations. This is because restoring macroeconomic stability is essential for growth. Some of the recommendations include: