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Nigeria Growth Forecast Cut

FILE - Shoppers crowd a market in Nigeria's commercial capital of Lagos. Taken August 15, 2019.

The World Bank has cut Nigeria's 2022 growth forecast to 3.1% from a previous forecast of 3.8%, it said during a briefing in Abuja on Thursday.

The World Bank said the downward revision was due to slow economic growth in the third quarter from a year earlier, dragged down by the oil sector and a weak performance in other areas of the economy.

The bank forecast growth to slow 2.9% next year.

Last month, the International Monetary Fund cut Nigeria's 2022 real GDP growth forecast down to 3% from 3.4% earlier, citing weak oil production and the adverse effects of recent flooding.

Nigeria's economy has been hit hard by inflation that rose in November for the 10th straight month to 21.47% from 21.09% in October.