Nigeria

The World Bank’s Africa Pulse report showed that economic growth in sub-Saharan Africa is projected to decrease to 2.5% in 2023 from 3.6% the prior year. South Africa and Nigeria, the two dominant economies, are underperforming, exacerbating challenges like rising debt costs and political upheavals. The debt-service ratio for the region reached 31% of revenue in 2022. The World Bank and IMF will host their inaugural annual meeting in Marrakech, Morocco next week.