Abuja — The World Bank has cut Nigeria’s 2022 growth forecast to 3.1% from a previous forecast of 3.8%, 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% next year.
Last month, the IMF cut Nigeria’s 2022 real GDP growth forecast down to 3% from 3.4% earlier, citing weak oil production and the adverse effects of recent flooding.
*Chijioke Ohuocha; Editing: Estelle Shirbon – Reuters
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