World Bank says Nigeria’s economy to grow by 2.1% in 2020

Written by on January 9, 2020

The World Bank has predicted that Nigeria’s economy will grow by 2.1 percent in 2020, adding that growth in the West African Economic and Monetary Union is expected to stabilise at 6.4 percent.

The bank in its January 2020 Global Economic Prospects predicted that Nigeria’s economy will also grow by 2.1 per cent in 2021 and 2023.

The apex bank in the report said Nigeria’s macro economic framework was not “conducive to confidence”, noting that it is characterised by multiple exchange rates, foreign exchange restrictions and persistent inflation.

World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu, urged policy makers in Nigeria and other developing economies to undertake structural reforms that boost broad-based growth.

Also, World Bank Prospects Group Director, Ayhan Kose, said policy improvements would help to minimise the risks associated with the current debt wave in a fragile global economy.

According to the report, Growth in Sub-Saharan Africa is expected to peak at 2.9 per cent in 2020 as downward risks persist, investment and trade gradually recover from significant weakness recorded in 2019.

However, the projected growth in the sub-region will depend on improvement in investor confidence in some large economies, ease of energy bottlenecks, rise in oil production and improved agricultural commodity exports.

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