World Bank reveals 5 key reasons for Nigeria's poor economic rating

In its report titled State Action on Business Enabling Reforms, the world bank noted that despite the fact that Nigeria had recovered from the most recent recession encountered, there was a worsening turnout in its welfare as the country still reflected a worsening economic outlook.

The report went ahead to highlight some key factors responsible for Nigeria's very low economic profile which include:

The Russian/Ukraine invasion which clearly has a negative impact on the global economy,
Nigeria's inability to meet its production quota in oil production due to technical inefficiencies
The huge spike in insecurity
Uncertainty on policy direction as the country prepares for the general elections next year.
Worsening fiscal risks related to the PMS subsidy deductions.

The bank report read in part, “Although Nigeria’s economy in 2021-2022 recovered from recession induced by the COVID-19 pandemic and lower oil prices, growing by 3.6 per cent in 2021 with an expected growth of 3.2 per cent in 2022, welfare has continued to deteriorate.

“The country’s economic outlook remains uncertain and threatened by many issues”

As of Sunday, September 25, 2022, the global price of Brent crude dropped as it fell by $4.31 or 4.76 percent to $86.15/barrel.

This price drop comes amid Nigeria's looming crises in the oil sector over its inability to meet its production quota as issues like oil theft, drop in rig count and low demand have deeply eaten deep into the industry.