Nigeria Exited Recession ‘Faster Than Expected’ – World Bank

A file photo of a resident at a market in Akure, Ondo State. Photo: Sodiq Adelakun

 

The World Bank has said that Nigeria moved out of recession faster than its forecasts had predicted.

“Following a 6.1 percent year-on-year contraction in 2020 Q2, Nigeria’s economy
contracted by 3.6 percent in 2020 Q3, and expanded by 0.1 percent in 2020 Q4,
moving out of recession faster than expected,” the bank said in its Africa’s Pulse, a biannual analysis of the near-term macroeconomic outlook for the region published in April.

“For the year, Nigeria’s real GDP is estimated to have contracted by 1.8 percent, a stronger outturn than projected in the October 2020 forecast.”

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Meanwhile, the bank said it expects Nigeria’s economy to grow by 1.4 percent in 2021 as the country continues to recover.

“Nigeria, South Africa, and Angola, the region’s three largest economies,
are expected to…

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