World Bank Optimistic About Nigeria’s Economy In 2017

The international financial organization predicted that the nation’s Gross Domestic Product (GDP), will grow by one percent within 12 months.

In a statement, 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.

Emerging market and developing economy commodity exporters are expected to grow by over 2 per cent in 2017 after a very slow growth last year, as commodity prices gradually recover with Russia and Brazil coming out of recession.

However, there are a lot of uncertainty over policy direction in major economies.

“After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon,” President, World Bank Group, Jim Yong Kim, stated.

“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.”

The report noted the worrisome recent weakening of investment growth in the emerging markets and developing economies, which account for one-third of the global GDP and about three quarter of the world’s population and the poor.