After plunging into its worst recession in over two decades, the World Bank projects that Nigeria will get out of recession, and grow its gross domestic product (GDP) by one per cent this year. The global financial institution also said the global economy will accelerate moderately to 2.7 per cent this year.
“Sub-Saharan African growth is expected to pick up modestly to 2.9 per cent in 2017 as the region continues to adjust to lower commodity prices. Growth in South Africa and oil exporters is expected to be weaker, while growth in economies that are not natural-resource intensive should remain robust.
“Growth in South Africa is expected to edge up to a 1.1 per cent pace this year. Nigeria is forecast to rebound from recession and grow at a 1 percent pace. Angola is projected to expand at a 1.2 per cent pace, ” the global lender said in a statement.