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HomeBusinessWorld Bank cuts Nigeria 2022 GDP growth rate to 3.1%

World Bank cuts Nigeria 2022 GDP growth rate to 3.1%

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 The World Bank has cut Nigeria’s 2022 growth forecast to 3.1 percent from a previous forecast of 3.8 percent, it said during a briefing in Abuja on Thursday.

It said that the revision was due to slow economic growth in the third quarter from a year earlier, dragged down by the oil sector and a weak performance in other areas of the economy.

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The bank forecast growth to slow 2.9 percent next year.

Last month, the IMF cut Nigeria’s 2022 real GDP growth forecast down to 3 percent from 3.4 percent earlier, citing weak oil production and the adverse effects of recent flooding.

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