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Nigeria will get out of recession in 2017, says World Bank

12 January 2017, 09:08

Abuja - The World Bank has predicted that Nigeria will get out of recession in 2017 after plunging into its worst recession in over two decades.

The bank said in a statement on Wednesday that Nigeria will grow its Gross Domestic Product (GDP) by one per cent this year.

The bank also said Sub-Saharan African growth is expected to pick up modestly to 2.9 per cent in 2017 as the region continues to adjust to lower commodity prices.

“Growth in South Africa and oil exporters is expected to be weaker, while growth in economies that are not natural-resource intensive should remain robust.

“Growth in South Africa is expected to edge up to a 1.1 per cent pace this year. Nigeria is forecast to rebound from recession and grow at a 1 per cent pace. Angola is projected to expand at a 1.2 per cent pace.”

The World Bank’s January 2017 Global Economic Prospects report also projected that growth in the advanced economies would edge up to 1.8 per cent in the current year.

Also read: Obasanjo highlights five ways to ease Nigeria out of recession

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.”
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- News 24

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