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Nigeria’s economy to grow 2.5% in 2022, Says world bank

The world bank has said Nigeria’s economy is expected to grow from 2.3% in 2021 to 2.5% in the present year 2022.

The bank, in its January 2022 Global Economic Prospects report published on Tuesday, said Nigeria’s growth is projected to strengthen somewhat to 2.5 per cent in 2022 and 2.8 per cent in 2023.

It cited the rebound to higher oil prices as well as accelerated growth in telecommunication and financial services.

“The oil sector should benefit from higher oil prices, a gradual easing of the organization of the petroleum exporting countries (opec)production cuts, and domestic regulatory reforms,” it said.

“Activity in service sectors is expected to firm as well, particularly in telecommunications and financial services.”

However, it said the reversal of pandemic-induced income and employment losses is expected to be low, along with high food prices.

“New threats from COVID-19 variants and a rise in inflation, debt, and income inequality could endanger the recovery in emerging and developing economies,” the report said.

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