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Thursday, December 1, 2022

World bank: In 2022, Nigeria’s economy is expected to grow by 2.5 percent

The World Bank forecast that Nigeria’s GDP will rise by 2.5 percent in 2022, up from the 2.1 percent it predicted in its Global Economic Prospects for June 2021. 

The projection was stated in the Washington-based organization’s January 2022 Global Economic Prospect, which was issued yesterday. 

However, the latest growth prediction was lower and much lower than the 2.8 percent growth it forecasted for the country in its Nigeria Development Update report issued last month.  

Nigeria’s GDP is expected to rise by 2.8% in 2023, according to the Bank’s latest forecast.  

“Growth in Nigeria is forecast to reach 2.5 percent in 2022 and 2.8 percent in 2023, while the economy of Angola is expected to rise at a rate of 3 percent on average in 2022-2023. 

“South African growth is expected to slow to its pre-pandemic pattern, hampered by structural constraints and high levels of public debt,” the report concluded. 

According to the World Bank research, deteriorating security circumstances in Afghanistan, for example, might cause instability in neighboring countries, with conflict and violence “potentially escalating” in Nigeria, Ethiopia, Mali, and Sudan.  

 

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