The World Bank Group has predicted that growth in Nigeria and other countries in Africa will remain flat at 4.6 per cent in 2015.
Growth in the region picked up moderately in 2014 to 4.5 per cent as a result of a slowdown in several of the region’s large economies, notably South Africa.
The multilateral institution, which stated this in its latest Global Economic Prospects (GEP) report released yesterday, hinged its prediction largely on the softer commodity prices.
According to the World Bank, the continent’s growth would rise gradually to 5.1 per cent by 2017, supported by infrastructure investment, increased agriculture production, and buoyant services.
It pointed out that the outlook is subject to significant downside risks arising from a renewed spread of the Ebola epidemic, violent insurgencies, lower commodity prices, and volatile global financial conditions.
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