₦airaland Forum

The World Bank forecast Nigeria’s economy to expand at 2.5 percent in 2018, citing improved commodity prices, trade and investment amid growing economic activity.

In the January 2018 Global Economic Prospect report released by the bank on Tuesday in Washington, DC, Nigeria’s economy is expected to expand by 2.8 percent in 2019 and 2020. While global economy was projected to expand at 3.1 percent in 2018.

According to the report, Sub-Saharan Africa will continue to grow at 3.2 percent in 2018 and 3.5 percent in 2019. Also, on the back of better commodity prices and rising domestic demand. However, growth is expected to remain below pre-crisis level, partly due to weak investment in larger economies.

“South Africa is forecast to tick up to 1.1 percent growth in 2018 from 0.8 percent in 2017. The recovery is expected to solidify, as improving business sentiment supports a modest rise in investment.

“However, policy uncertainty was likely to remain and could slow needed structural reforms.

“Nigeria is anticipated to accelerate to a 2.5 percent rate this year from one percent growth in the year just ended. An upward revision to Nigeria’s forecast is based on expectation that oil production will continue to recover and that reforms will lift non-oil sector growth.

“Growth in Angola is expected to increase to 1.6 percent in 2018, as a successful political transition improves the possibility of reforms that ameliorate the business environment,” it stated.

While Côte d’Ivoire is expected to grow at 7.2 percent in 2018, Senegal by 6.9 percent; Ethiopia by 8.2 percent, Tanzania by 6.8 percent, and Kenya by 5.5 percent as inflation eases.

The bank, however, said economic growth in the region could be impacted by external and local risks as growth in the region remains fragile.

http://investorsking.com/nigeria-to-grow-by-2-5-in-2018-world-bank/

Eye yam really tayad of all this "Future Tenses" walahi

OP this is closer to the truth as we can see from the surge in stock market performance in recent months. The confidence level is improving and this bodes well for the overall economic growth of the country but this growth is hinged on stability in the oil price and peace in the Niger Delta region.

God bless men of goodwill.

Amoto94:
OP this is closer to the truth as we can see from the surge in stock market performance in recent months. The confidence level is improving and this bodes well for the overall economic growth of the country but this growth is hinged on stability in the oil price and peace in the Niger Delta region.

God bless men of goodwill.

Yea, but I think we will do slightly above that in 2018. However, my concern is the poor new job creation, 18.8 percent unemployment rate is too high. Fg needs to knock-off the high-interest rate to discourage fixed income investment, since we are now generating enough to service the economy and inflation rate is not even demand pull. This will encourage broad local participation and enhance new job creation against the current growing Money Market investment and several local businesses being acquired by foreigners.

Truth234:
Yea, but I think we will do slightly above that in 2018. However, my concern is the poor new job creation, 18.8 percent unemployment rate is too high. Fg needs to knock-off the high-interest rate to discourage fixed income investment, since we are now generating enough to service the economy and inflation rate is not even demand pull. This will encourage broad local participation and enhance new job creation against the current growing Money Market investment and several local businesses being acquired by foreigners.

There is no new job creation and the ones employed are getting laid off without reason and this adds to the growing unemployment rate.
Something urgent needs to be done to stem this ugly tide or else we risk reversing the gains we've made so far and that will be disastrous considering the fact that we are heading straight to election year.