World Bank raises Nigeria’s growth forecast to 1.8%

The World Bank says Nigeria’s economy is expected to expand at a moderate rate of 1.8 percent this year and edging up to 2.1 percent in 2022.

The bank stated this in its June 2021 Global Economic Prospects, titled, “Global Recovery Strong but Uneven as Many Developing Countries Struggle with the Pandemic’s Lasting Effects”, released on Tuesday.

In January, the Bretton Wood institution had projected a 1.1 percent growth rate for the country in 2021 after the COVID-19-induced sharp recession in 2020. The economy’s gross domestic product (GDP) contracted by 1.92%.

The…