Nigeria and South Africa have been warned to brace themselves for difficult economic times in 2023

According to a new research by BMI, Nigeria and South Africa, the continent's economic powerhouses, are preparing for a difficult 2023. We examine the economic environments of these two countries in this analysis that is mostly focused on business.The Economic Outlook for Nigeria The research predicts that Nigeria's economic growth will decelerate to 2.0% in 2023 from 3.3% in 2022. While the economy expanded 2.5% year over year in Q2 2023, according to the data, the oil sector continued to face difficulties, falling by a startling 13.4%. Challenges such as crude production disruptions, theft, vandalism, and industrial actions persist. The agricultural sector also faced headwinds, growing by just 1.5% in Q2 2023 due to adverse climatic conditions and security concerns.