{"id":133443,"date":"2022-01-12T14:57:11","date_gmt":"2022-01-12T13:57:11","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=133443"},"modified":"2022-01-12T14:57:11","modified_gmt":"2022-01-12T13:57:11","slug":"nigerias-economy-to-grow-by-2-5-in-2022-world-bank","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/01\/12\/nigerias-economy-to-grow-by-2-5-in-2022-world-bank\/","title":{"rendered":"Nigeria\u2019s Economy To Grow By 2.5% In 2022 \u2013 World Bank"},"content":{"rendered":"<p>Nigeria\u2019s economy is expected to grow by 2.5 per cent in 2022 and by another 0.3 per cent next year, the World Bank has projected.<\/p>\n<p>The World Bank gave the forecast in its latest Global Economic Prospects report, a copy of which was obtained by Channels Television on Wednesday.<\/p>\n<p>\u201cIn Nigeria, growth is projected to strengthen somewhat to 2.5 per cent in 2022 and 2.8 per cent in 2023,\u201d said the Washington-based institution in the section of the report which focused on recent developments in Sub-Saharan Africa.<\/p>\n<p>\u201cThe oil sector should benefit from higher oil prices, a gradual easing of the Organisation of the Petroleum Exporting Countries (OPEC) production cuts, and domestic regulatory reforms.\u201d<\/p>\n<p>\u201cActivity in service sectors is expected to firm as well, particularly in telecommunications and financial services.<\/p>\n<p>\u201cHowever, the reversal of pandemic-induced income and employment losses is expected to be slow; this, along with high food prices, restrains a faster recovery in domestic demand,\u201d it added.<\/p>\n<p>According to the bank, activity in the non-oil economy will remain curbed by high levels of violence and social unrest, as well as the threat of fresh COVID-19 flare-ups with remaining mobility restrictions being lifted guardedly because of low vaccination rates.<\/p>\n<p>It stated that just about two per cent of the nation\u2019s <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/10\/17\/firs-to-spend-n2-8bn-on-uniforms-n550m-on-meals\/\">population<\/a> had been fully vaccinated by the end of 2021.<\/p>\n<p>The financial institution lamented that the pandemic has reversed at least a decade of gains in per capita income in Nigeria and some countries.<\/p>\n<p>It explained that after barely increasing last year, per capita incomes were projected to recover only at a subdued pace, rising 1.1 per cent a year in 2022 \u2013 23, leaving them almost two per cent below 2019 levels.<\/p>\n<p>The World Bank stated that in some countries, the services and manufacturing sectors again reeled from the adverse impact of the pandemic, while high unemployment and elevated inflation dented consumer confidence.<\/p>\n<p>While focusing on Nigeria\u2019s north-east region and some Sub-Saharan African (SSA) countries such as Burkina Faso, Chad, Mali, Mauritania, and Niger, it said rising social unrest, insecurity, and civil conflicts have further restrained investment and consumer spending.<\/p>\n<p>\u201cIncoming indicators for major SSA economies point to renewed improvement in economic activity towards the end of 2021,\u201d the report revealed. \u201cMobility indicators continued to recover as many economies eased social-distancing restrictions following a decline in new COVID-19 cases from the peak reached in mid-2021.<\/p>\n<p>\u201cHowever, the Omicron variant detected in late November is now contributing to COVID-19 flare-ups across the region, particularly in Eastern and Southern Africa. More than 70 per cent of SSA countries reported at least a 50 per cent increase in new COVID-19 cases during the last two weeks of 2021.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s economy is expected to grow by 2.5 per cent in 2022 and by another 0.3 per cent next year, the World Bank has projected. The World Bank gave the forecast in its latest Global Economic Prospects report, a copy of which was obtained by Channels Television on Wednesday. \u201cIn Nigeria, growth is projected to [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":133448,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[27358,19559,704,27357,303,949,4522],"class_list":["post-133443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-2-5","tag-19559","tag-economy","tag-grow","tag-nigeria","tag-nigerias-economy","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria\u2019s Economy To Grow By 2.5% In 2022 \u2013 World Bank<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/12\/nigerias-economy-to-grow-by-2-5-in-2022-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s Economy To Grow By 2.5% In 2022 \u2013 World Bank\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s economy is expected to grow by 2.5 per cent in 2022 and by another 0.3 per cent next year, the World Bank has projected. The World Bank gave the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/12\/nigerias-economy-to-grow-by-2-5-in-2022-world-bank\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-12T13:57:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/01\/ify_davies\/2022\/01\/12\/A-crowded-park.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Davies Ngere Ify\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:site\" 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