World Bank Says Nigeria Will Soon Be Out Of Economic Recession


Nigeria has been stuck in an Economic Recession for over a year now and though not much might be changing in the eyes of a lay man, the trained eyes of the World Bank Group sees otherwise.

Mrs, Eme Essien-Lore, Country Manager, International Finance Corporation, a member of the group, has revealed that Nigeria is slowly getting out of the economic doldrums.

She said:

“In our perspective and with the numbers that we have seen coming from the World Bank and the International Monetary Fund (IMF), Nigeria’s economy has recorded about one per cent real growth.”

“That is a bit lower than government’s expectation which is about 2.2 per cent growth for 2017.”

“It is a bit modest, but we certainly expect that the economy of Nigeria will rebound and recover from last year’s recession, ”

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On the high rate of unemployment in the country, Essien-Lore urged the Nigerian government to partner with the private sector to create more quality jobs to reduce poverty and prevent social unrest.

She said that Nigeria was growing very fast and would soon become the third largest country globally, after India and China.

Essien-Lore commended Federal Government`s new economic plan, but said that there was need to set priorities for implementation of the plan by the year 2020.

Essien-Lore said that the plan was an opportunity to look at the priorities and what the World Bank could do for the Nigerian government as ‘it comes up with its development agenda’.

She said that the World Bank had been consulting with the Nigerian Government on the plan, saying that the bank was happy that the plan had been published.

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“Now we can sit down and look at it to see how we will align our objectives around what the government wants to do.”

“The plan is for 2017 to 2020, it is a relatively short period, but we need to know what the priorities are and collectively work with government on how to achieve them, ”

Following the sale of Euro bonds and the injection of Foreign Exchange into the market, the naira has seen its value appreciate considerably on the parallel market, a development that is sure to please foreign investors and stimulate local production across the various sectors of the economy.