Nigeria’s GDP growth is over two per cent, says World Bank.

World Bank

The World Bank has said that since Nigeria emerged from recession, its Gross Domestic Product (GDP) growth  in 2018 is expected to be a little over two per cent, and largely oil sector driven.

  

According to its bi-annual economic update released yesterday in Abuja, the decline in the non-oil, non-agriculture sector has continued, as aggregate demand remained weak and private sector credit low.It says Nigeria would benefit from policies to promote spatial integration and sub-national specialisation, which would stimulate diversified, long-term growth.

The report also stated that Nigeria’s GDP growth reached 0.8 per cent, driven by an expansion in oil output and continued steady growth in agriculture.“The unemployment and underemployment rates increased in 2017; poverty is estimated to have increased, and spatial fragmentation and limited connections also hurt welfare and prospects for poverty reduction.”

By Cornelius Essen.

Full story at The Mail & Guardian.