The World Bank has predicted that Nigeria will get out of recession this
year after plunging into its worst recession in 29 years.
In a statement on Wednesday , the bank said
“Sub-Saharan African growth is expected to pick up modestly to 2.9 per
cent in 2017 as the region continues to adjust to lower commodity
prices.“Growth in South Africa and oil exporters is expected to be
weaker, while growth in economies that are not natural-resource
intensive should remain robust.“Growth in South Africa is expected
to edge up to a 1.1 per cent pace this year. Nigeria is forecast to
rebound from recession and grow at a 1 per cent pace. Angola is
projected to expand at a 1.2 per cent pace.”
Commenting on the report, the President, World Bank Group, Jim Yong Kim, stated,“After years of disappointing global growth, we are encouraged to see stronger economic prospects on the horizon.
“Now
is the time to take advantage of this momentum and increase investments
in infrastructure and people. This is vital to accelerating the
sustainable and inclusive economic growth required to end extreme
poverty.”