Nigeria’s economic growth faces new threats in 2021 — World Bank report reveals

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World Bank, economic growth

Nigeria’s economic growth faces new threats in 2021 — World Bank report reveals

The World Bank says low oil prices, OPEC quotas, falling public investment due to weak government revenues, constrained private investment due to firm failures, and subdued foreign investor confidence are new threats facing Nigeria’s economic growth in 2021.

The global bank went ahead to predict a staggering 1.1% growth for the most populous black African nation in 2021.

Nigeria suffered a contraction of 4.1 per cent in 2020 which led it to a second recession in 5 years.

World Bank also adds that the global economy would expand by 4% in the same period.

The World Bank disclosed this in its January 2021 Global Economic Prospects report titled ‘Global economy to expand by four per cent in 2021; vaccine deployment and investment key to sustaining the recovery’.

The report said, “Growth in Nigeria is expected to resume at 1.1 per cent in 2021.

“Activity is nevertheless anticipated to be dampened by low oil prices, OPEC quotas, falling public investment due to weak government revenues, constrained private investment due to firm failures, and subdued foreign investor confidence.”

According to the report, output in the Sub-Saharan Africa region contracted by an estimated 3.7% in 2020, as the COVID-19 pandemic and associated lockdowns disrupted economic activity, shrinking per capita income by 6.1% in 2020, setting average living standards back by at least a decade in a quarter of Sub-Saharan African.



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