The New York-based global lender had in April predicted that the largest economy in Africa will grow by 2.1 per cent in 2020 and 2121.
However, the global lender in the October report said the reason for its lowered forecast for Nigeria is because, “The medium-term growth outlook continues to be constrained by a weak macroeconomic policy environment and slow policy implementation.”
It also blamed issues such as multiple exchange rates, foreign exchange restrictions, high inflation and low non-oil revenues as some of the hurdles to Nigeria’s economic growth.
Overall, the continent’s projected economic growth is expected to reduce from the April prediction of 2.8 per cent to 2.6 per cent.
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Not surprised. In a country that is governed without certificate what can one expect?
ReplyDeleteOur President won't like this.
ReplyDeleteI await his media team to debunk the story.
You know
DeleteThey will say it is fake. When it favors them they hype, when it doesn't they discredit the body. Let me wait for Adesina on this.
ReplyDeleteCounting down 1, 2, 3.Adesina is Typing..........
ReplyDeleteStrictly speaking we do not have an economy. Our so called growth is tied to oil production and its price. When the price is good, then our 'economy' grows, when it is bad.... GDP is a factor of PRODUCTION. We produce virtually nothing and import almost everything which we then pay for with oil money. So when we start producing, even agricultural goods, then we can talk of our economy growing. BP yours is an unthinking comment!
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