OPEC made this known in its monthly Oil Market Report for August obtained by the News Agency of Nigeria (NAN) on Friday.
According to the report, after Nigeria’s economy grew by 3.3 per cent in 2022, it is forecast to decelerate in 2023.
It said high inflation continued to burden the Nigeria’s economy.
“A combination of factors including conflict, the impact of climate change, population pressures, and the below-average output of the agricultural sector, exacerbated the scarcity of food resources over recent years,’’ it said.
To assist, it said the Nigerian government had unveiled a comprehensive financial package amounting to N500 billion.
To lower inflation, the report said the Central Bank of Nigeria (CBN) lifted the key policy rate by 25 basis points to 18.75 per cent in July.
As a consequence of the ongoing challenges, it said in May 2023, Stanbic IBTC Bank Nigeria Purchasing Managers Index retracted to stand at 51.7 in July, after a level of 53.2 in June was reached.