PESA Editorial on Nigeria: 1H2022/23

Nigeria’s economy has had a slow recovery from the shock caused by the COVID-19 pandemic. Real GDP growth is projected to increase from an annual average of 1.4% for 2019 to 2021, to 3.4% in 2022. Inflation is projected to increase from an annual average of 13.9% for 2019 to 2021, to 16.1% in 2022. The elevated inflation is caused by the sanctions against Russia which have increased the price of crucial imports. In the medium-term period from 2023 to 2025, real GDP growth is projected to decrease to an annual average of 3.0%. Meanwhile, inflation is projected to decrease to an average of 12.1% over the medium-term from 2023 to 2025.