Nigeria’s economy is expected to grow by 2.4 per cent in 2021, due to accelerated growth in Nigeria’s service sectors, however, it still falls behind the sub-Saharan growth forecasts of 3.3 per cent in 2021 and 3.5 per cent in 2022.
The World Bank disclosed this in its recently published Africa’s Pulse report, titled “Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa”.
The World Bank also warned that despite Sub-Saharan Africa exiting recession in 2021, recovery is still fragile, citing that as the global economy continues its rapid recovery from the global recession of 2020, inequities in vaccine supply and access to external finance are leading to a two-track recovery. The World Bank suggests faster vaccine development would accelerate growth to above five per cent rate for 2022.
The World Bank report stated that “In Sub-Saharan Africa, the economy is set to expand by 3.3 per cent in 2021, one percentage point higher than the forecast of the April 2021 Africa’s Pulse, with projections for 2022 and 2023 just below 4 percent.”
The report added that the rebound was fueled by elevated commodity prices, relaxation of stringent measures, and recovery in global trade as commodity prices remain well above their pre-pandemic levels, with several reaching all-time highs.