World Bank Cuts Nigeria 2022 GDP Growth Rate To 3.1%

The World Bank has cut Nigeria’s 2022 growth forecast to 3.1 per cent from a previous forecast of 3.8 per cent, 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.
The bank forecast growth to slow 2.9 per cent next year.
Last month, the IMF cut Nigeria’s 2022 real GDP growth forecast down to 3 per cent from 3.4 per cent earlier, citing weak oil production and the adverse effects of recent flooding.