Nigeria’s To Experience Growth Of 2.5 Percent In 2022, According To The World Bank

According to the World Bank, the bounce is due to rising oil prices as well as faster development in telecommunications and financial services. The Nigerian economy is predicted to increase by 2.5 percent in 2022, up from 2.4 percent in 2021, according to the World Bank. According to the bank’s January 2022 Global Economic Prospects report, which was released on Tuesday, Nigeria’s growth is expected to go up slightly to 2.5 percent in 2022 and 2.8 percent in 2023. It attributed the rise in oil prices to the rebound, as well as faster growth in telecommunications and financial services. “Higher […]



Nigeria’s Growth Rate Has Been Revised By The World Bank to 2.7 Percent In 2021 And 2.8 Percent In 2022

The World Bank has upped Nigeria’s economic growth predictions for 2021 and 2022 to 2.7% and 2.8%, respectively. The Bank made the announcement in the most recent edition of its Nigeria Development Update on Tuesday. The World Bank anticipated 1.8 percent growth in 2021 and 2.1 percent growth in 2022 in the June 2021 edition of the NDU. The World Bank, on the other hand, expects an upbeat assessment of the Nigerian economy in the next edition. According to the new data, the Nigerian economy is recovering faster than projected. “The Nigerian economy has recovered at a faster-than-expected pace in[…]



AfDB President – Nigeria must Address Its Debt Problems

Dr. Akinwumi Adesina, President of the African Development Bank, has encouraged the country to take quick action to address debt difficulties, noting that debt servicing costs and inadequate foreign exchange policies are substantial impediments to the country’s economic progress. Adesina made the remarks on Monday during the Mid-Term Ministerial Performance Review Retreat, which was held both virtually and physically at the Presidential Villa. He emphasized the importance of repairing the country’s economic framework. “Nigeria must address its debt challenges decisively,” he stated. The issue is not the debt-to-GDP ratio, as Nigeria’s debt-to-GDP ratio of 35% is still considered reasonable. “The[…]