The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 percent in 2018, as the country benefits from improved commodity prices, investments, and trade.
According to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.8 percent in 2019 and 2020.
“Nigeria is anticipated to accelerate to a 2.5 per cent rate this year from one per cent growth in the year just ended. An upward revision to Nigeria’s forecast is based on the expectation that oil production will continue to recover and that reforms will lift non-oil sector growth,” the report predicted.
According to the bank, growth in Sub-Saharan Africa is projected to continue to rise to 3.2 percent in 2018 and to 3.5 percent in 2019, on the back of firming commodity prices and gradually strengthening domestic demand. However, the report showed that growth would remain below pre-crisis averages, partly reflecting a struggle in larger economies to boost private investment.
The News of Agency of Nigeria (NAN) reports that the World Bank also forecast that global economic growth will go up to 3.1 percent in the year.