The World Bank has predicted that Nigeria will get out of recession this year after plunging into its worst recession in 29 years.
In a statement on Wednesday , the bank 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.”
Commenting on the report, the President, World Bank Group, Jim Yong Kim, stated,
“After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon.
“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.”