Flingpord

  The World Bank has said that Nigeria is in a worsening situation, with economic performance becoming weaker as inflation persists. The Washington-based bank said this in its newly released Nigeria Development Update, which was launched in Abuja on Thursday alongside the Nigeria Country Economic Memorandum. The NDU report noted, “Nigeria is in a challenging and deteriorating economic situation. Nigeria’s economic performance has weakened since the previous Nigeria Development Update was published in June 2022 under the title of ‘The Continuing Urgency of Business Unusual’.” The financial institution also cut Nigeria’s 2022 growth forecast to 3.1 per cent from a previous forecast of 3.8 per cent. 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. The bank further forecast growth to slow by 2.9 per cent in 2023. The report read, “Nigeria’s economic ou...