World Bank cuts Nigeria 2022 growth forecast to 3.1% 

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The World Bank has cut Nigeria’s 2022 growth forecast to 3.1% from a previous forecast of 3.8%.

During a briefing in Abuja on Thursday, World Bank officials said 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.

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