Business

Nigeria’s Economy Grew By 2.4% In Q1- OPEC

The persistently high inflation continues to pose challenges for Nigeria's economic landscape.
By Peter Tuama

The Organization of the Petroleum Exporting Countries (OPEC) has reported that Nigeria’s economic growth in the first quarter of 2023 (1Q23) was recorded at 2.4 percent year-on-year. This information was shared in OPEC’s August Monthly Oil Market Report, which was obtained by the News Agency of Nigeria (NAN) on Friday.

OPEC noted that this growth rate contrasts with the 3.6 percent growth observed in the fourth quarter of 2022, indicating an anticipated slowdown in 2023. The report predicts a deceleration in Nigeria’s economy after achieving a 3.3 percent growth in 2022. The persistently high inflation continues to pose challenges for Nigeria’s economic landscape.

“Inflation data for June shows an ongoing acceleration, with an annual rate of 22.8 per cent y-o-y, following 22.4 per cent y-o-y in May and 22.2 per cent in April and 22 per cent in March.

“Food inflation has been a key factor in this rise, reaching 25.1 per cent year-on-year (y-o-y) in June, after 24.8 per cent y-o-y in May.

“A combination of factors including conflict, the impact of climate change, population pressures, and the below-average output of the agricultural sector, exacerbated the scarcity of food resources over recent years,’’ it said.

To provide support, the report mentioned that the Nigerian government had introduced an all-encompassing financial plan totaling N500 billion.

In an effort to reduce inflation, the Central Bank of Nigeria (CBN) raised the main policy rate by 25 basis points to 18.75 percent in July.

Due to the prevailing difficulties, the report indicated that the Stanbic IBTC Bank Nigeria Purchasing Managers Index declined, registering a value of 51.7 in July, following a level of 53.2 reached in June, as of May 2023.

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