{"id":16971,"date":"2021-04-03T13:09:13","date_gmt":"2021-04-03T12:09:13","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=16971"},"modified":"2021-04-03T13:09:13","modified_gmt":"2021-04-03T12:09:13","slug":"nigeria-moved-out-of-recession-earlier-than-expected-worldbank","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/04\/03\/nigeria-moved-out-of-recession-earlier-than-expected-worldbank\/","title":{"rendered":"Nigeria moved out of recession earlier than expected &#8211; WorldBank"},"content":{"rendered":"<p>The World Bank has disclosed that Nigeria made an early exit out of recession than projected in its October 2020 forecast for Sub-Saharan Africa (SSA).<\/p>\n<p>This disclosure was made by the bank in its latest Africa Pulse Report for April 2021 titled, \u2018COVID-19 and the Future of Work in Africa: Emerging Trends in Digital Technology Adoption\u2019<\/p>\n<p>The bank said Nigeria\u2019s oil sector weakened in the fourth quarter of 2020 despite an increase in oil prices.<\/p>\n<p>Recall that Nigeria had slid into its worst economic recession\u00a0in over three decades (33 years) with a contraction of 3.62 percent.<\/p>\n<p>The National Bureau of Statistics (NBS) announced in February 2021 that Nigeria exited its second <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/02\/24\/we-wont-doze-off-again-buhari-reacts-to-exit-from-recession\/\">recession<\/a> in five years by a slight increase of 0.11 percent.<\/p>\n<p>The World Bank, in the report, said real gross domestic product (GDP) in west and central Africa contracted by an estimate of 1.1 percent in 2020 partly owing to a less severe contraction than expected in Nigeria during the second half of 2020.<\/p>\n<p>\u201cFollowing a 6.1 percent year-on-year contraction in 2020Q2, Nigeria\u2019s 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,\u201d the report read.<\/p>\n<p>\u201cFor the year, Nigeria\u2019s real GDP is estimated to have contracted by 1.8 percent, a stronger outturn than projected in the October 2020 forecast.\u201d<\/p>\n<p>According to the report, Nigeria is expected to return to growth in 2021, partly owing to higher commodity prices, however, the recovery will remain sluggish.<\/p>\n<p>\u201cAfter a 1.1 percent contraction in 2020, real GDP in West and Central Africa is projected to grow 2.1 percent in 2021 and 3.0 percent in 2022.<\/p>\n<p>\u201cThe 2021 growth forecast is 0.7 percentage point higher than was projected in the October 2020 Africa\u2019s Pulse, partly reflecting the positive effects of the global recovery.<\/p>\n<p>\u201cNigeria\u2019s muted growth prospects and slow vaccine rollout will weigh on the sub-regional (West Africa) outlook.<\/p>\n<p>\u201cDespite higher oil prices, Nigeria and other oil exporters are expected to face a slower recovery compared with the rest of the sub-region, where activity is projected to strengthen.\u201d<\/p>\n<p>World Bank further projects that Nigeria\u2019s real GDP will rebound from a 1.8 percent contraction in 2020 to moderate growth of 1.4 percent in 2021.<\/p>\n<p>It said this will be driven by telecommunications services, trade due to gradual opening of borders, agriculture, and construction.<\/p>\n<p>\u201cHowever, consumer spending and business investment are likely to remain subdued in 2021 as double-digit inflation, high unemployment, and the slow rollout of the COVID-19 vaccine weigh on households\u2019 real income and business confidence.<\/p>\n<p>\u201cLimited fiscal space will also constrain the recovery. Growth is projected to pick up to 2.1 percent in 2022 as rising oil output bolsters exports, and the rollout of the COVID-19 vaccine gathers pace, helping to boost private consumption and fixed investment.<\/p>\n<p>\u201cProgress on the liberalization of the exchange rate regime could boost private sector activity and support stronger economic growth.\u201d<\/p>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank has disclosed that Nigeria made an early exit out of recession than projected in its October 2020 forecast for Sub-Saharan Africa (SSA). This disclosure was made by the bank in its latest Africa Pulse Report for April 2021 titled, \u2018COVID-19 and the Future of Work in Africa: Emerging Trends in Digital Technology [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":16980,"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":[37],"tags":[4524,303,703,4523,4522],"class_list":["post-16971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-national-bureau-of-statistics","tag-nigeria","tag-recession","tag-sub-saharan-africa-ssa","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria moved out of recession earlier than expected - WorldBank<\/title>\n<meta name=\"description\" content=\"The World Bank has disclosed that Nigeria made an early exit out of recession than projected in its October 2020 forecast for Sub-Saharan Africa (SSA).\" \/>\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\/2021\/04\/03\/nigeria-moved-out-of-recession-earlier-than-expected-worldbank\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria moved out of recession earlier than expected - WorldBank\" \/>\n<meta property=\"og:description\" content=\"The World Bank has disclosed that Nigeria made an early exit out of recession than projected in its October 2020 forecast for Sub-Saharan Africa (SSA).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/04\/03\/nigeria-moved-out-of-recession-earlier-than-expected-worldbank\/\" \/>\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:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-03T12:09:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/04\/adewale_chocomilo\/2021\/04\/03\/World-Bank-750x422-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"422\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OChocomilo\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sodiq Lawal Chocomilo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/04\\\/03\\\/nigeria-moved-out-of-recession-earlier-than-expected-worldbank\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/04\\\/03\\\/nigeria-moved-out-of-recession-earlier-than-expected-worldbank\\\/\"},\"author\":{\"name\":\"Sodiq Lawal Chocomilo\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/db8593431a99b3751c40316ba4b4a452\"},\"headline\":\"Nigeria moved out of recession earlier than expected &#8211; 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