Nigeria’s economy to grow 2.5% in 2022 -- World Bank

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Nigeria’s economy to grow 2.5% in 2022 — World Bank

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The Nigerian economy is expected to grow by 2.5 per cent in 2022, up from an estimated 2.4 per cent growth in 2021, the World Bank has said.

“Activity in service sectors is expected to firm as well, particularly in telecommunications and financial services.” It explained that activity in the non-oil economy will remain curbed by high levels of violence and social unrest in parts of the country as well as the threat of fresh COVID-19 flare-ups.

“After barely increasing last year, per capita incomes are projected to recover only at a subdued pace, rising 1.1 per cent a year in 2022-23, leaving them almost 2 per cent below 2019 levels. “Domestic financial crises and foreign debt restructurings have been less frequent than might have been expected in a time of severe global shocks.

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