The World Bank stated that technical problems, insecurity, rising production costs, theft, lack of payment discipline in joint ventures, etc. were responsible for the 40 percent decline in Nigeria’s oil production last year.
The apex bank in its January global economic prospects report says that the fall when compared to its 2019 level, lowered economic growth to 3.1 percent from 3.6 percent the prior year.
The report says Annual inflation surpassed 21 percent in 2022 for the first time in 17 years, disrupting activity and consumer demand adding that persistent fuel and foreign exchange shortages, with the country’s currency depreciating by over 30 percent last year in the parallel market, further dampened economic activity.
World Bank also projected that the country’s growth will decelerate to 2.9 percent in 2023 and 2024.