Nigeria’s economy to grow by 2.4% in 2021 – world bank

Nigeria’s economy is seen to grow by 2.4% in 2021, Due to accelerated growth in Nigeria’s service sectors, however, it still falls behind the sub-Saharan growth forecasts of 3.3% in 2021 and 3.5% in 2022.

The World Bank established this in its recently published Africa’s Pulse report, titled “Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa”.

The World Bank also strongly stated that despite Sub-Saharan Africa exiting recession in 2021, recovery is still fragile, citing that as the global economy continues its rapid recovery from the global recession of 2020, inequities in vaccine supply and access to external finance are leading to a two-track recovery.

The World Bank suggested that vaccine development would accelerate growth to above 5% rate for 2022.

The report added that the rebound was fueled by elevated commodity prices, relaxation of stringent measures, and recovery in global trade as commodity prices remain well above their pre-pandemic levels, with several reaching all-time highs.The World Bank warned that economic recovery in Sub-Saharan Africa remains timid and fragile as the slow pace of vaccination continues to expose the region to emerging strains of coronavirus, holding back economic performance