Economy
World Bank predicts drop in Nigeria’s economic growth
The World Bank on Wednesday revised Nigeria’s economic growth for 2019 from 2.1 to 2.0 per cent.
According to Reuters, the revision was made in the global bank’s Africa Pulse report for October 2019.
The New York-based global lender had in April predicted that the largest economy in Africa will grow by 2.1 per cent in 2020 and 2121.
However, the global lender in the October report said the reason for its lowered forecast for Nigeria is because, “The medium-term growth outlook continues to be constrained by a weak macroeconomic policy environment and slow policy implementation.”
It also blamed issues such as multiple exchange rates, foreign exchange restrictions, high inflation and low non-oil revenues as some of the hurdles to Nigeria’s economic growth.
Overall, the continent’s projected economic growth is expected to reduce from the April prediction of 2.8 per cent to 2.6 per cent.
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