Nigeria’s Economic Growth To Slow To 2.8% In 2023 — PwC

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PwC Nigeria, leading professional services firm, has projected a 2.8 per cent economic growth rate for Nigeria in 2023 and three per cent in 2024.

In its latest Nigeria economic outlook on Wednesday, PwC said this marginal growth projection may be due to the emerging effects of the implementation of domestic fiscal reforms by the ministerial and economic management team of the country.

“The fastest growing sectors were utilities (31.8 per cent), financial services (26.8 per cent), information & communication (8.6 per cent), and construction (3.4 per cent),” the report said.

It said the growth in the activities of the utility sector may be partly attributed to the increase in the number of metered customers by 3.1 per cent to 5.47 million people. In contrast, an increase in interest income, digital transactions, and forex revaluation gains may be responsible for the growth in financial services.

According to the National Bureau of Statistics, Nigeria’s economy grew at a slower pace to 3.1 per cent in 2022 from 3.4 per cent in 2021,

The PwC report also revealed that real income is still under pressure as inflation (25.8 per cent as of August 2023) continues to rise and the national minimum wage remains unchanged in the short term.