The World Bank forecast that Nigeria’s economic growth would edge up to at least 2.5 percent this year, as the country benefits from improved commodity prices, investments and trade.
According to the World Bank’s January 2018 global economic prospect report launched on Tuesday in Washington dc, Nigeria’s gross domestic product (GDP) is expected to grow by 2.8 percent in 2019 and 2020.
The World Bank forecast that global economic growth would go up to 3.1 percent in the year 2018.
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.
The World Bank called on policy makers around the world to focus on human investments to increase their countries’ productivity, and move closer to the goals of ending extreme poverty and boosting shared prosperity.