- Nigeria's economy will grow by 2.1% in 2020, 2021 and 2022, the World Bank has predicted
- The global organisation also predicts more positive growth for Kenya
- The World Bank says South Africa's economy will grow but there are conditions that should be met
It is a positive outlook for Nigeria as the World Bank has predicted economic growth of 2.1% for the three consecutive years of 2020, 2021 and 2023.
The World Bank’s January 2020 global economic prospects released on Wednesday, January 8, said Kenya would witness a 6% increase in its own economy during the same period.
The report, while putting the economic growth of Sub-Saharan Africa at 2.9% in 2020, it lamented Nigeria’s macro-economic framework saying this was not conducive to confidence.
The Nation, which analyses the report, quotes the organisation argued that Nigeria’s macro-economic framework is challenged by issues of multiple exchange rates, foreign restrictions and continued inflation.
The report predicted economic growth for South Africa at 0.9% but added that this can only happen if the government’s reform picks up and investments recover.
In Angola, economic growth is placed at 1.5% but with special considerations for the stability in the country’s macro-economics.
Legit.ng, in December 2019, reported how prices of foodstuffs increased in Nigeria, according to a statistics released by the National Bureau of Statistics (NBS).
The NBS report said the prices of food index rose by 14.48% in November 2019 compared to 14.09% in October 2019.
The bureau said that the rise in the food index was caused by increases in prices of bread, cereals, oils and fats, meat, potatoes, yam and other tubers, and fish.
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