Nigeria Economy To Grow By 3% In 2023 – UN

The United Nations has projected that Nigeria’s economy will grow by 3% in 2023.

In its report titled ‘2023 world economic situation and prospects, the intergovernmental organisation said despite high inflation and poor power supply in the country, the economy would benefit from robust commodities trade and dynamic consumer goods and services markets.

The report was produced by the United Nations Department of Economic and Social Affairs (UN DESA), in partnership with the United Nations Conference on Trade and Development (UNCTAD) and five United Nations regional commissions.

“High inflation and power supply issues are impacting growth in Nigeria, but the economy will benefit from robust commodities trade and dynamic consumer goods and services markets, bringing growth to 3 percent in 2023” the report reads.

The organisation said aggregate output in Africa is projected to remain subdued amid volatile and uncertain global environment compounding domestic challenges.

The UN also said favourable export prices would benefit commodity exporters in Africa but a slowdown in global demand would pose challenges.

It added that African mineral exporters — Botswana, the Democratic Republic of the Congo, Namibia, Nigeria, Sierra Leone, South Africa, the United Republic of Tanzania, Zambia and Zimbabwe– would likely receive increased investments, with Europe looking for alternative sources of critical minerals, metals, and precious stones.