• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

World Bank projects Nigeria’s economy to grow by 2.4% in 2021

William Ukpe by William Ukpe
October 6, 2021
in Business News, Spotlight
World Bank projects Nigeria’s economy to grow by 2.4% in 2021
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s economy is expected to grow by 2.4% in 2021, due to accelerated growth in Nigeria’s service sectors, however, it still falls behind the sub-Saharan growth forecasts of 3.3% in 2021 and 3.5% in 2022.

The World Bank disclosed this in its recently published Africa’s Pulse report, titled “Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa”.

The World Bank also warned that despite Sub-Saharan Africa exiting recession in 2021, recovery is still fragile, citing that as the global economy continues its rapid recovery from the global recession of 2020, inequities in vaccine supply and access to external finance are leading to a two-track recovery. The World Bank suggests faster vaccine development would accelerate growth to above 5% rate for 2022.

RelatedStories

Single-Digit Inflation, Tier 3 Banks, and Why You Can’t Fight African Governments – Drinks & Mics

Single-Digit Inflation, Tier 3 Banks, and Why You Can’t Fight African Governments – Drinks & Mics

June 14, 2025
“MPR Should Be Over 30%!” — Esili Eigbe Sparks Fire on Drinks and Mics

“MPR Should Be Over 30%!” — Esili Eigbe Sparks Fire on Drinks and Mics

May 31, 2025

What the World Bank is saying

The World Bank report stated that “In Sub-Saharan Africa, the economy is set to expand by 3.3% in 2021, one percentage point higher than the forecast of the April 2021 Africa’s Pulse, with projections for 2022 and 2023 just below 4 percent.”

The report added that the rebound was fueled by elevated commodity prices, relaxation of stringent measures, and recovery in global trade as commodity prices remain well above their pre-pandemic levels, with several reaching all-time highs.

The World Bank warned that economic recovery in Sub-Saharan Africa remains timid and fragile as the slow pace of vaccination continues to expose the region to emerging strains of coronavirus, holding back economic performance.

However, growth in economic activity for the region is projected at 3.5 % in 2022 and 3.8 % in 2023, subject to substantial uncertainty around the pace of vaccination. It added that faster vaccine deployment would accelerate growth to 5.1% in 2022 and 5.4% in 2023 in Sub-Saharan Africa—as containment measures are lifted faster than in the baseline and spending increases.

“In contrast, slower vaccine delivery and coverage would impede the relaxation of COVID-19 disruptions in economic activity and project growth to slow down to 2.4 percent in 2023,” the report said.

Within Africa, the bank says recovery will be multi-speed, citing that Angola, Nigeria, and South Africa, the largest economies in the region, are expected to emerge from the 2020 recession, yet at different paces.

“Angola is expected to grow by 0.4 percent in 2021, after five consecutive years of recession. The country is still battling to gain momentum, with elevated debt levels and weak performance of the oil industry.

“Nigeria is expected to grow by 2.4 percent in 2021, supported by the service sector.

“South Africa is projected to grow by 4.6 percent in 2021, reflecting better performance in services, industry, and somewhat agriculture. The country provided stimulus to support businesses and households that were affected by the pandemic as well as by riots and lootings that mostly affected the Kwazulu-Natal and Gauteng provinces.”

The report stated that in addition to rising public debt, the unemployment rate rose to record high levels, from 32.6 percent in 2021Q1 to 34.4 percent in 2021Q2.

“Excluding South Africa and Nigeria, the rest of Sub-Saharan Africa is rebounding faster, with a growth rate of 3.6 percent in 2021, adding that Non-resource-rich countries, such as Côte d’Ivoire and Kenya, are expected to recover strongly at 6.2 and 5.0 percent, respectively.”

The World Bank urged policymakers in the region to leverage climate technologies to boost agricultural productivity and increase industrialization as well as the non-agricultural labour force, highlighting that creating jobs for more than 12 million people entering the job market every year will require not only green jobs, but also brown jobs.

“Financing climate change adaptation in Sub-Saharan Africa is essential, and policies to mobilize resources are critical to create more, better, and sustainable jobs.

“Policymakers will need to harness (environmental) policy reforms and taxes. However, the reality of financing and technology gaps, which will rapidly escalate in the near to medium term, remains and will need innovative thinking and collective action.”

In case you missed it

Nigerians finance Minister stated in August that GDP growth of 5.01% recorded in the second quarter of 2021 by Nigeria is a sign the economic recovery is gradually picking up steam, citing that the services sector recorded a strong performance growing at 9.27% during the quarter, representing the fastest growth in the services sector since 2010.

She added that as local conditions continue to improve to allow business activities, the Nigerian economy is expected to maintain a steady path to more inclusive growth.

Tags: Africa Pulse reportInflationWorld Bank
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

Single-Digit Inflation, Tier 3 Banks, and Why You Can’t Fight African Governments – Drinks & Mics
Digital Media

Single-Digit Inflation, Tier 3 Banks, and Why You Can’t Fight African Governments – Drinks & Mics

June 14, 2025
“MPR Should Be Over 30%!” — Esili Eigbe Sparks Fire on Drinks and Mics
Digital Media

“MPR Should Be Over 30%!” — Esili Eigbe Sparks Fire on Drinks and Mics

May 31, 2025
President Bola Tinubu,
Economy

FG clarifies proposed $21.5 billion debt, taps World Bank, ADB, China, France, EU for new loan

May 27, 2025
World Bank: Food insecurity in Africa soars by 60% despite production gains 
Agriculture

World Bank: Food insecurity in Africa soars by 60% despite production gains 

May 27, 2025
World Bank, Tanzania
Economy

World Bank faults CBN’s OMO policy, says not working “effectively”  

May 14, 2025
President Bola Tinubu,
Economy

Nigeria can’t achieve $1 trillion economy at current growth rate – Word Bank

May 12, 2025
Next Post
Fintech startup, Shecluded secures Google grant to drive financial inclusion for African women

Fintech startup, Shecluded secures Google grant to drive financial inclusion for African women

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Oyo Govt approves N63.4 billion to renovate Government House 
  • NDLEA to establish full-scale drug control operations at Benin Airport 
  • US, Federal High Court sign MOU to strengthen terrorism financing adjudication across Nigeria 

Follow us on social media:

Recent News

Oyo State to upgrade primary health centers to 24 hours medical centers

Oyo Govt approves N63.4 billion to renovate Government House 

June 18, 2025
NDLEA to establish full-scale drug control operations at Benin Airport 

NDLEA to establish full-scale drug control operations at Benin Airport 

June 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics