World Bank projects Nigerian economy’ll grow by 1% in 2017

World Bank, in its global economic report, has said that Nigeria will get out of recession and grow its Gross Domestic Product (GDP) by one percent in 2017.

The global financial institution names Nigeria, South Africa and Angola as countries expected to experience economic growth in the Sub-Saharan African region in the current year.

The World Bank equally said that the global economy will accelerate moderately to 2.7 percent in 2017.

According the World Bank, “Sub-Saharan African growth is expected to pick up modestly to 2.9 percent in 2017 as the region continues to adjust to lower commodity prices.

“Growth in South Africa and oil exporters is expected to be weaker, while growth in economies that are not natural-resource intensive should remain robust. Growth in South Africa is expected to edge up to a 1.1 percent pace this year.

“Nigeria is forecast to rebound from recession and grow at a 1 percent pace. Angola is projected to expand at a 1.2 percent pace.”

The global financial leader also projected economic growth for South Asia, Europe, Central Asia, Latin America, Caribbean, Middle East and North Africa among others.

It would be recalled that World Bank’s projection follows similar projection by the International Monetary Fund (IMF) which projected that Nigeria’s economy will be out of recession in 2017, as it would grow by 0.6 per cent.