World Bank confirms economic growth in Nigeria

The World Bank on Wednesday said Sub-Saharan Africa’s growth is projected to reach 3.1 percent in 2018, and to average 3.6 percent in 2019–20.

This is contained in Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by institution.

The report noted that the moderate pace of economic expansion reflects the gradual pick-up in growth in the region’s three largest economies, Nigeria, Angola and South Africa.

The growth forecasts are premised on expectations that oil and metals prices will remain stable, and that governments in the region will implement reforms to address macroeconomic imbalances and boost investment.

“Growth has rebounded in Sub-Saharan Africa, but not fast enough. We are still far from pre-crisis growth levels,” said Albert G. Zeufack, World Bank Chief Economist for the Africa Region.

“African Governments must speed up and deepen macroeconomic and structural reforms to achieve high and sustained levels of growth.”

Punam Chuhan-Pole, World Bank Lead Economist and the author of the report, said “For many African countries, the economic recovery is vulnerable to fluctuations in commodity prices and production”.

“This underscores the need for countries to build resilience by pushing diversification strategies to the top of the policy agenda.”

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