World Bank projects Nigeria’s economy to grow by 2.4% in 2021 – Nairametrics
Nigeria’s economy is expected to grow by 2.4% in 2021, due to accelerated growth in Nigeria’s service sectors, however, it still falls behind the sub-Saharan growth forecasts of 3.3% in 2021 and 3.5% in 2022.
The World Bank disclosed this in its recently published Africa’s Pulse report, titled “Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa”.
The World Bank also warned that despite Sub-Saharan Africa exiting recession in 2021, recovery is still fragile, citing that as the global economy continues its rapid recovery from the global recession of 2020, inequities in vaccine supply and access to external finance are leading to a two-track recovery. The World Bank suggests faster vaccine development would accelerate growth to above 5% rate for 2022.
What the World Bank is saying
The World Bank report stated that “In Sub-Saharan Africa,…