Nigeria will get out of recession this year – World Bank
After plunging into its worst recession in over two decades, the World Bank projects that Nigeria will get out of recession, and grow its GDP by one 1% in 2017.
The bank said in a statement on Wednesday, “Sub-Saharan African growth is expected to pick up modestly to 2.9% in 2017 as the region continues to adjust to lower commodity prices.
Growth in South Africa is expected to edge up to a 1.1% pace this year. Nigeria is forecast to rebound from recession and grow at a 1%. Angola is projected to expand at a 1.2% pace.”
Commenting on the report, the President, World Bank Group, Jim Yong Kim, stated, “After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon.
Now is the time to take advantage of this momentum and increase investments in infrastructure and people. This is vital to accelerating the sustainable and inclusive economic growth required to end extreme poverty.”
Godwin Emefiele, governor of the Central Bank of Nigeria and Kemi Adeosun, the minister of finance, had both said that the country will return to growth in the 2017 fiscal year.