World Bank says Nigeria’s Economy to Grow by 2.5 per cent in 2022.

The World Bank has projected that Nigeria’s economy is expected to grow by 2.5 per cent in 2022 and by another 0.3 per cent next year.

It gave the forecast in its latest Global Economic Prospects report, on Wednesday.

According to the bank, activity in the non-oil economy will remain curbed by high levels of violence and social unrest, as well as the threat of fresh COVID-19 flare-ups with remaining mobility restrictions being lifted guardedly because of low vaccination rates.

It stated that just about two per cent of the nation’s population had been fully vaccinated by the end of 2021.

The financial institution lamented that the pandemic has reversed at least a decade of gains in per capita income in Nigeria and some countries.

While focusing on Nigeria’s north-east region and some Sub-Saharan African (SSA) countries such as Burkina Faso, Chad, Mali, Mauritania, and Niger, it said rising social unrest, insecurity, and civil conflicts have further restrained investment and consumer spending.

Seun Fakorede