Nigeria’s economy is expected to grow by 2.5 per cent in 2022 and by another 0.3 per cent next year, the World Bank has projected. The World Bank gave the forecast in its latest Global Economic Prospects report, a copy of which was obtained on Wednesday.
“In Nigeria, growth is projected to strengthen somewhat to 2.5 per cent in 2022 and 2.8 per cent in 2023,” said the Washington-based institution in the section of the report which focused on recent developments in Sub-Saharan Africa.
“The oil sector should benefit from higher oil prices, a gradual easing of the Organisation of the Petroleum Exporting Countries (OPEC) production cuts, and domestic regulatory reforms.” “Activity in service sectors is expected to firm as well, particularly in telecommunications and financial services.
“However, the reversal of pandemic-induced income and employment losses is expected to be slow; this, along with high food prices, restrains a faster recovery in domestic demand,” it added.
