• Contcat Us
Sunday, October 5, 2025
Nigeria Today
  • Home
  • News

    China And Nigeria Reaffirm Strategic Partnership at PRC’s 76th Anniversary Celebration

    Experts, Diplomats Discuss Global Governance Initiative at Abuja Seminar

    China Commissions 15th Chinese Corner in Abuja to Boost Cultural and Educational Exchange

    China Commissions New Chinese Corner in FCT School to Deepen Educational Ties with Nigeria

  • World

    Bangladesh prime minister resigns, flees country after deadly protests

    U.S Supreme Court disqualifies Trump from 2024 presidency

    Calling President Xi a dictator ‘absurd and irresponsible’, China tells Biden

    Biden and China’s Xi met for three hours. Here’s what they talked about

  • Nigeria

    NCSP DG Urges Legislative Action to Deepen Nigeria-China Economic Cooperation

    FG Abandons Lagos-Calabar Coastal Highway Route, Reverts to Original Alignment

    Chinese-constructed light rail helps ease traffic flow in Nigeria’s Lagos

    We’ll Work With President-Elect Tinubu On Economy, Security & Job Creation – Chinese Envoy

  • Politics

    APC Affirms One-China Principle, Lauds Nigeria-China Partnership

    China’s national legislature opens annual session in Beijing

    Key highlights of President Xi Jinping’s meeting with President Tinubu

    Gov Uba Sani Engages CCECC in Beijing to Boost Kaduna State Projects

  • Opinion

    My China Story: A Journey Through Beijing, Wuxi, and Qingdao

    Several Common Fallacies on the Taiwan Question

    Chinanization And Nigerianization Of An International Agenda: A Symphony Of President Xi And Tinubu In Global Governance Structuration

    Understanding President Xi’s Global Governance Initiative and its Impact on Africa and Nigeria

  • Sport

    2025 World Relays: Chinese Embassy Refutes Claims of Visa Delays for Nigerian Contingent

    Haopeng Cup: CGC Wins 2024 CGCCN Basketball League

    China wins 12 Olympic swimming medals in Paris, shrugs off doping row

    Chinese athletes ready to chase perfection in Paris 2024

  • Culture

    China & Nigeria Celebrate International Day for Dialogue Among Civilizations

    Nigerian Students Shine at 24th Chinese Bridge Competition in Abuja

    China Marks 2025 International Chinese Language Day in Abuja

    Chinese Embassy in Nigeria Celebrates 2025 Spring Festival with Temple Fair

  • Videos
No Result
View All Result
  • Home
  • News

    China And Nigeria Reaffirm Strategic Partnership at PRC’s 76th Anniversary Celebration

    Experts, Diplomats Discuss Global Governance Initiative at Abuja Seminar

    China Commissions 15th Chinese Corner in Abuja to Boost Cultural and Educational Exchange

    China Commissions New Chinese Corner in FCT School to Deepen Educational Ties with Nigeria

  • World

    Bangladesh prime minister resigns, flees country after deadly protests

    U.S Supreme Court disqualifies Trump from 2024 presidency

    Calling President Xi a dictator ‘absurd and irresponsible’, China tells Biden

    Biden and China’s Xi met for three hours. Here’s what they talked about

  • Nigeria

    NCSP DG Urges Legislative Action to Deepen Nigeria-China Economic Cooperation

    FG Abandons Lagos-Calabar Coastal Highway Route, Reverts to Original Alignment

    Chinese-constructed light rail helps ease traffic flow in Nigeria’s Lagos

    We’ll Work With President-Elect Tinubu On Economy, Security & Job Creation – Chinese Envoy

  • Politics

    APC Affirms One-China Principle, Lauds Nigeria-China Partnership

    China’s national legislature opens annual session in Beijing

    Key highlights of President Xi Jinping’s meeting with President Tinubu

    Gov Uba Sani Engages CCECC in Beijing to Boost Kaduna State Projects

  • Opinion

    My China Story: A Journey Through Beijing, Wuxi, and Qingdao

    Several Common Fallacies on the Taiwan Question

    Chinanization And Nigerianization Of An International Agenda: A Symphony Of President Xi And Tinubu In Global Governance Structuration

    Understanding President Xi’s Global Governance Initiative and its Impact on Africa and Nigeria

  • Sport

    2025 World Relays: Chinese Embassy Refutes Claims of Visa Delays for Nigerian Contingent

    Haopeng Cup: CGC Wins 2024 CGCCN Basketball League

    China wins 12 Olympic swimming medals in Paris, shrugs off doping row

    Chinese athletes ready to chase perfection in Paris 2024

  • Culture

    China & Nigeria Celebrate International Day for Dialogue Among Civilizations

    Nigerian Students Shine at 24th Chinese Bridge Competition in Abuja

    China Marks 2025 International Chinese Language Day in Abuja

    Chinese Embassy in Nigeria Celebrates 2025 Spring Festival with Temple Fair

  • Videos
No Result
View All Result
Nigeria Today
No Result
View All Result
Home News

Sub-Saharan Africa economy to slow at 2.5% in 2023 – World Bank

by Nigeria Today
October 5, 2023
Reading Time: 2 mins read
0
World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept 3D rendering animation.

World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept 3D rendering animation.

4
SHARES
4
VIEWS
Share on FacebookShare on Twitter

The World Bank on Wednesday forecast sub-Saharan Africa’s economic growth to decelerate to 2.5 percent in 2023 from 3.6 percent in 2022.

The Bank said in its latest Africa Pulse report that the economic outlook remains bleak amid a subtle growth recovery, noting that Africa must urgently achieve stability, increase growth and create jobs to avert a “lost decade.”

Andrew Dabalen, World Bank chief economist for Africa, said the region’s poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth. “With up to 12 million young Africans entering the labor market across the region each year, it has never been more urgent for policymakers to transform their economies and deliver growth to people through better jobs,” Debalen added.

According to the report, South Africa’s gross domestic product is expected to only grow by 0.5 percent in 2023 as energy and transportation bottlenecks continue to bite.

The Africa Pulse projects economies in Nigeria and Angola to grow at 2.9 percent and 1.3 percent, respectively, due to lower international prices and currency pressures affecting oil and non-oil activity. According to the report, increased conflict and violence in the region weigh on economic activity, and this rising fragility may be exacerbated by climatic shocks. In Sudan, the report says economic activity is expected to contract by 12 percent because of the internal conflict which is halting production, destroying human capital, and crippling state capacity.

Nicholas Woolley, World Bank economist and contributor to the report, said the urgency of the jobs challenge in Sub-Saharan Africa is underscored by the huge opportunity from demographic transitions that we have seen in other regions. “This will require an ecosystem that facilitates private-sector development and firm growth, as well as skill development that matches business demand,” Woolley added.

The World Bank said the development of labor-intensive manufacturing seems to be missing in Africa, limiting further effects for the indirect job creation in support services and international trade. “This may be partly due to a lack of capital, which continues to hamper the structural transformation required for good quality jobs,” the lender said.

Despite the gloomy outlook, the report says inflation is expected to decline to 7.3 percent in 2023 from 9.3 percent in 2022 and fiscal balances are improving in African countries that are pursuing prudent and coordinated macroeconomic policies.

According to the World Bank, the Eastern African Community is expected to grow by 4.9 percent while the West African Economic and Monetary Union is set to grow by 5.1 percent.

The report, however, warns that debt distress remains widespread, with 21 countries at high risk of external debt distress or in debt distress as of June.

Tags: world bank

Related Posts

News

China And Nigeria Reaffirm Strategic Partnership at PRC’s 76th Anniversary Celebration

September 25, 2025
News

Experts, Diplomats Discuss Global Governance Initiative at Abuja Seminar

September 19, 2025
News

China Commissions 15th Chinese Corner in Abuja to Boost Cultural and Educational Exchange

September 18, 2025
News

China Commissions New Chinese Corner in FCT School to Deepen Educational Ties with Nigeria

September 16, 2025
News

China Donates Books to FCT Schools, Strengthens Educational Ties with Nigeria

September 11, 2025
News

WWII Anniversary: Expert Calls For Unity, Applauds China’s Role in World Peace 

August 30, 2025
Next Post

China's road, waterway passenger volume up in January-August

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Chinese Firm Not Involved In Shooting Of Immigration Officer – CGCCN

March 28, 2025

China Chamber of Commerce refutes media reports of alleged discrimination at Chinese Supermarket

April 22, 2024

FCT Schools win big at 2024 China-Nigeria Cultural Fiesta & Dancing Competition

November 7, 2024

China’s Independent Policy Of Peace And Friendly Cooperation

October 25, 2022

New Chinese Corner Inaugurated at FCT School

October 29, 2024

EDITOR'S PICK

Why we banned U.S. chipmaker, Micron – Chinese Govt

May 25, 2023

China unveils equipment renewal plan for energy sector

August 21, 2024

BREAKING: President Tinubu to embark on official visit to China

August 27, 2024

Protests: Remain vigilant and law-abiding, ACCI boss tells businesses

August 7, 2024
Facebook Twitter Youtube Whatsapp

About

Nigeria Today is a platform dedicated to bringing you precise and accurate news and information about Nigeria.

Follow us

Categories

  • Africa
  • Art and life
  • Business
  • China
  • Culture
  • entertainment
  • Health
  • News
  • Nigeria
  • Opinion
  • Politics
  • POPULAR NEWS
  • Science
  • Sport
  • Tech
  • Travel
  • Uncategorized
  • Videos
  • World

Recent Posts

  • My China Story: A Journey Through Beijing, Wuxi, and Qingdao
  • Several Common Fallacies on the Taiwan Question
  • China, Nigeria Deepen Cultural Ties at Mid-Autumn Festival Celebration in Abuja
  • China to establish Africa’s first local insulin production facility in Nigeria

© 2022 Nigeria-Today - News & Magazine

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Politics
  • World
  • Nigeria
  • Opinion
  • Sport
  • Culture

© 2022 Nigeria-Today - News & Magazine