African Development Bank says Nigeria’s economic growth to average 3.2 percent till 2023.

Written by on May 27, 2022

African Economic Outlook 2022, released by the African Development Bank (AfDB), has projected the average growth rate of Nigeria’s economy from 2022 to 2023 at 3.2 per cent.

The report, which was released at the ongoing Annual General Meeting (AGM) of the Bank in Accra, Ghana, focuses on the growth prospect of the continent in the context of the COVID-19 pandemic, climate change adaptation, energy transition and other structural challenges.

The report revealed by the President of the AfDB, Dr. Akinwumi Adesina, his team and Board of Governors, examines the economic outlook at regional level and country-by-country basis.

AfDB’s projection is slightly higher than the 3.11 per cent growth rate of Quarter 1 as released by the National Bureau of Statistics (NBS) on Monday, May 23.

The report also estimates the inflation rate to remain high at 16.9 per cent in 2023 and stay above the pre-COVID era until next year.

Kevin Madu

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