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

1/12/2022 1:14:00 PM

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

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

World Bank cites the rebound to higher oil prices as well as accelerated growth in telecommunication and financial services.

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.“The oil sector should benefit from higher oil prices, a gradual easing of theHowever, it said the reversal of pandemic-induced income and employment losses is expected to be slow, this, along with high food prices, restrains a faster recovery in domestic demand.

The bank also predicted that per capita income is expected to be lower in 2022 than a decade ago in countries in Angola, Nigeria, and South Africa.“In South Africa and Nigeria, per capita incomes are projected to remain more than 3 per cent below pre-pandemic levels in 2023,” the report said.

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