World Bank Predicts Nigeria’s Economy Growing 2.5% In 2022


The World Bank on Tues­day said growth in Nigeria’s economy is expected to reach 2.5 percent in 2022 and 2.8 percent in 2023.

The bank in its latest Global Economic Prospects said in over a third of sub-Sa­haran African economies, including Angola, Nigeria, and South Africa, per capi­ta incomes are projected to remain lower in 2022 than a decade ago.

It said elevated commodity prices are expected to support near-term recovery across sub-Saharan Africa, with higher oil prices and the gradual easing of OPEC+ production cuts benefiting Nigeria and Angola.

The bank said high pric­es for food commodities like coffee and cotton will benefit agricultural exporters (Ethi­opia, Kenya, and Tanzania).

However, it said for some countries, expansion of ag­ricultural activities will be constrained by a variety of uncertainties, including droughts and lower than av­erage rainfall as well as inten­sifying conflict.

“The pandemic has set back progress on poverty reduction and key develop­ment goals across the region, reversing more than a decade of gains in per capita income in some countries.

“In over a third of the re­gion’s economies, including Angola, Nigeria, and South Africa, per capita incomes are projected to remain low­er in 2022 than a decade ago”, it said.

According to World Bank Group President David Mal­pass, “The world economy is simultaneously facing COVID-19, inflation, and policy uncertainty, with gov­ernment spending and mon­etary policies in uncharted territory. Rising inequality and security challenges are particularly harmful for de­veloping countries.

“Putting more countries on a favourable growth path requires concerted interna­tional action and a compre­hensive set of national policy responses.”