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Thursday, January 11, 2018

World Bank reveals 2018 Growth Statistics for Nigeria (Must READ)


The World Bank forecasts that economic growth in Nigeria would edge up to at least 2.5% in 2018. This is contained in World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, United States.  

Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.8% in 2019 and 2020, while the forecast shows that global economic growth will go up to 3.1% in the year 2018. According to the bank, growth in Sub-Saharan Africa is projected to continue to rise to 3.2% in 2018 and to 3.5% 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 World Bank forecasts that economic growth in Nigeria would edge up to at least 2.5% in 2018. This is contained in World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, United States. 

Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.8% in 2019 and 2020, while the forecast shows that global economic growth will go up to 3.1% in the year 2018. According to the bank, growth in Sub-Saharan Africa is projected to continue to rise to 3.2% in 2018 and to 3.5% 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 recovery is expected to solidify, as improving business sentiment supports a modest rise in investment. However, policy uncertainty was likely to remain and could slow needed structural reforms. Nigeria is anticipated to accelerate to a 2.5rate this year from 1% growth in the year just ended".

“An upward revision to Nigeria’s forecast is based on expectation that oil production will continue to recover and that reforms will lift non-oil sector growth. Growth in Angola is expected to increase to 1.6% in 2018, as a successful political transition improves the possibility of reforms that ameliorate the business environment,” it stated.

Côte d’Ivoire is forecast to expand by 7.2% in 2018, Senegal by 6.9%; Ethiopia by 8.2%, Tanzania by 6.8%, and Kenya by 5.5% as inflation eases.

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