The UN, in its 2023 World Economic Situation and Prospects report published on its website, said high inflation and power supply issues are impacting growth in Nigeria.
The report noted that in 2023, growth is expected to pick up in East Africa and West Africa while stabilising in Central Africa. “Low and falling growth in income per capita estimated to drop to 1.4 per cent in 2023 after averaging 1.6 per cent in 2021 and 2022 will keep poverty entrenched and prevent countries from accelerating progress towards the SDGs.“In line with the global pickup in inflation, price levels have risen significantly in African countries but are projected to moderate in 2023,” the report added.
Given higher interest rates, the report added that with weaker currencies against the dollar and lower capital inflows, a number of African countries will face challenges in servicing and rolling over a large volume of debt, especially in 2024, when principal repayment of about $11 billion on Eurobonds will be due.
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