Nigerian economy will grow at a slower pace in 2023 than projected six months ago, the World Bank says.

Low oil production, foreign exchange restrictions, high living costs, and insecurity will slow growth to 2.8% from 2.9% predicted in January, the bank said.

The forecast translates to growth in income for each citizen (per capita) of only 0.4% — far slower than that needed to make significant gains in fighting extreme poverty.

“The surest way to reduce poverty and spread prosperity is through employment—and slower growth makes job creation a lot harder,” World Bank Group president Ajay Banga said in the group’s latest Global Economic Prospects released Tuesday. The bank warned that global growth had slowed sharply and the risk of financial stress in emerging market and developing economies is intensifying am https://pluboard.com/2023/06/08/economy/world-bank-cuts-nigerian-economy-growth-forecast-again/