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Nigeria’s GDP To Grow By 2.4 Percent In 2021, Says World Bank

Nigeria’s GDP To Grow By 2.4 Percent In 2021, Says World Bank
A file photo of the World Bank logo.

The World Bank expects the Nigerian economy to grow by 2.4 percent in 2021.

The projection is contained in the bank’s Africa Pulse, a biannual analysis of the near-term macroeconomic outlook for the region.

In June, the World Bank had set the GDP growth rate at 1.8 percent.

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The higher growth rate published this month is expected to be supported
by the service sector.

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However, the rate remains low compared to non-resource-rich countries, such as Côte d’Ivoire and Kenya, who are expected to recover strongly from the pandemic at 6.2 and 5.0 percent, respectively.

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“Nigeria’s economic growth shows little sign of speedy recovery from the 2020 recession,” the World Bank said.

“The economy grew 5 percent in the second quarter, from 0.5 percent growth in the first quarter.

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“This was the third consecutive quarter of positive growth since the pandemic crisis.

“The main driver of the recovery is the non-oil sector, with a growth rate of 6.7 percent compared with 0.8 percent in the first quarter.”

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