Glamtush
No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
No Result
View All Result
Glamtush
No Result
View All Result
Home News

Nigeria Moved Out Of Recession ‘Faster Than Expected’ – Says World Bank

byeditor
April 3, 2021
in News, Nigeria News
Reading Time: 2 mins read
Moved Out Of Recession
Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

Nigeria Moved Out Of Recession ‘Faster Than Expected’ – Says World Bank

 

READ ALSO

Primate Ayodele Releases 31st Edition Of Annual Prophecy Book “Warnings To The Nations”

Real Estate Industry Experts, Stakeholders Raise Alarm Over Building Collapse In Lagos, Seek Urgent Reform

 

 

 

The World Bank has said that Nigeria moved out of recession faster than its forecasts had predicted.

“Following a 6.1 percent year-on-year contraction in 2020 Q2, Nigeria’s 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,” the bank said in its Africa’s Pulse, a biannual analysis of the near-term macroeconomic outlook for the region published in April.

“For the year, Nigeria’s real GDP is estimated to have contracted by 1.8 percent, a stronger outturn than projected in the October 2020 forecast.”

Meanwhile, the bank said it expects Nigeria’s economy to grow by 1.4 percent in 2021 as the country continues to recover.

“Nigeria, South Africa, and Angola, the region’s three largest economies, are expected to return to growth in 2021, partly owing to higher commodity prices, but the recovery will remain sluggish,” the bank

The bank added that Nigeria’s economic growth is expected to be slower than other countries in West Africa due to inflation, high unemployment and COVID-19.

[irp]

The country’s growth will be “driven by telecommunications services, trade due to the gradual opening of borders, agriculture due to an additional influx of labor, and construction, in a context of higher oil prices and fewer mobility restrictions,” it said.

“However, 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’ real income and business confidence.

“Limited 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.

“Progress on the liberalization of the exchange rate regime could boost private sector activity and support stronger economic growth.”

Related Posts

Prophecy Book
News

Primate Ayodele Releases 31st Edition Of Annual Prophecy Book “Warnings To The Nations”

July 6, 2025
Building Collapse In Lagos
News

Real Estate Industry Experts, Stakeholders Raise Alarm Over Building Collapse In Lagos, Seek Urgent Reform

July 4, 2025
Aminu Dantata
News

Billionaire Businessman Aminu Dantata Dies At 94

June 28, 2025
Gabonese President
News

Tinubu Receives Gabonese President In Abuja

June 27, 2025
Nigerian Woman Arrested In India
Metro/Crime

Nigerian Woman Arrested In India’s Major Drug Crackdown

June 27, 2025
Tax Laws
News

New Tax Laws Bold Step Toward More Transparent, Investment-Friendly Economy – Otedola

June 27, 2025
Next Post
Borno Attack

Nigerian Army Reportedly Removes Journalist From Whatsapp Group For Questioning N2.6tn Funds

LATEST COVER

Priscilla Ojo

GPBN Associates Member

Fidelity Bank

Zenith Bank

Prophecy Book

Primate Ayodele Releases 31st Edition Of Annual Prophecy Book “Warnings To The Nations”

July 6, 2025
Adron Homes

Adron Homes Made My Dream Come True  — New Homeowner Shares Inspiring Testimony

July 5, 2025
GTCO Plc

GTCO Plc Becomes 1st Financial Services Institution In West Africa To Achieve Listing And Trading Of Its Ordinary Shares On The London Stock Exchange

July 5, 2025
Building Collapse In Lagos

Real Estate Industry Experts, Stakeholders Raise Alarm Over Building Collapse In Lagos, Seek Urgent Reform

July 4, 2025
Zenith Bank

Zenith Bank Tops Nigeria’s Banking Sector For 16th Consecutive Year In The 2025 Top 1000 World Bank’s Ranking 

July 4, 2025
Peter Rufai Is Dead

Former Super Eagles Goalkeeper Peter Rufai Is Dead

July 3, 2025
Young Entrepreneurs

Unity Bank Empowers Young Entrepreneurs With ₦16M Business Grant

July 3, 2025
World Environment Day 2025

Union Bank Strengthens Sustainability Leadership With Symposium And School Recycle Bin Donations On World Environment Day 2025 

July 3, 2025
Diogo Jota

Liverpool Forward Diogo Jota Dies In Car Crash

July 3, 2025
Fidelity Bank

Fidelity Bank Extends Relief Efforts To Eti-Osa Community With Food Bank Initiative

July 2, 2025

GLAMTUSH

 

Glamtush publishes the latest trends in fashion, beauty, and lifestyle, as well as those making the fashion world interesting and adorable.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us

REACH OUT

Do you have any news for us? Event Coverage, Press Releases or Adverts? Then reach out to us via glamtush@gmail.com or glamtush15@gmail.com

OFFICE ADDRESS

Lagos, Nigeria

Copyright © 2022 Glamtush

  • About Us
  • Advertise
  • Contact Us
  • Disclaimer
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events

© 2022 Glamtush