Analysis by Region - Emerging Markets - Nigeria
While Nigeria is one of the few countries that is expected to financially benefit from the war between Russia and Ukraine, it has not come off scot-free from the conflict. Higher fuel prices are pressuring households, prompting the government to redirect funding to finance fuel subsidies. Furthermore, the hydrocarbons sector continues recording sub-par performances, with oil output rising by 5.4% q-o-q to an average of 1.3 mbpd in Q1 2022. Yet, the private sector remains strong, and oil production should increase throughout the year. We still expect strong economic growth in the near term, with real GDP forecast to expand by 3.4% in 2022 and 2.9% in 2023.
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