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According to the World Bank, Nigeria's economic development is too slow to solve the issue of the country's severe poverty.
The warning was published on Tuesday in the Global Development Prospect report for June 2023 by the Washington-based bank.
Additionally, it maintained Nigeria's projected 2.8% GDP growth rate for 2023.
The World Bank's estimate comes as Nigeria faces increasing energy and economic issues.
It revised its estimate of Sub-Saharan Africa's GDP growth from 3.4% in its April World GDP Outlook to 3.2% for 2023.
The bank also noted that due to consistently high inflation, currency shortages, and banknote shortages brought on by currency redesign, the post-pandemic recovery in Nigeria's non-oil economy slowed early this year.
"In Nigeria, South Africa, and Angola, the three SSA nations with the largest economy, growth slowed to 2.8% in 2022 and weakened in the first half of this year. With decreased energy prices and sluggish oil output, Angola and Nigeria, the two biggest oil producers in sub-Saharan Africa, have seen their economic momentum halt.
More than 65 percent of Nigerians, according to the National Bureau of Statistics, are multidimensionally poor.
However, the administration of President Bola Ahmed Tinubu had pledged to expand the economy of the nation through economic revival measures.
