African Economic Outlook 2022, released by the African Development Bank (AfDB), has projected the average growth rate of Nigeria’s economy this year through to 2023 at 3.2 per cent.
The report, which was released yesterday 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 unveiled by the President of the Bank, 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 Q1 as released by the National Bureau of Statistics (NBS) on Monday. The report also estimates the inflation rate to remain elevated at 16.9 per cent in the year and stay above the pre-COVID era until next year.
Last month, the inflation rate jumped to 16.82 per cent, forcing the Monetary Policy Committee (MPC) to leave the sidelines and raise the policy rate by 150 basis points on Tuesday.
