World Bank predicts growth of 2.1% for Nigeria’s economy

World Bank predicts growth of 2.1% for Nigeria’s economy

- 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.

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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., 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.

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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. ( - We have upgraded to serve you better.

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