Nigeria and South Africa, the economic powerhouses of Africa, are gearing up to face a challenging 2023, according to a recent report from BMI. In this business-focused analysis, we delve into the economic landscapes of these two nations.

According to the report, economic growth in Nigeria is projected to slow to 2.0% in 2023, down from 3.3% in 2022.

The report noted that while the economy showed signs of improvement in Q2 2023, with a 2.5% year-on-year expansion, the oil sector continued to struggle, contracting by a staggering 13.4%.

Source: Business Insider