In its January 2022 Global Economic Prospects Report, the World Bank has said that Nigeria’s growth is projected to strengthen to 2.5% in 2022 and 2.8% in 2023 despite the threats from COVID-19 variants and others.
According to the World Bank, global growth is expected to reduce the speed clearly from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as pent-up demands dissipate and fiscal and monetary support unwinds across the world.
The World Bank projection is driven from the heels of the Central Bank of Nigeria forecasting a GDP growth rate of 3.2% in 2022.
The CBN Governor, Godwin Emefiele, disclosed this as part of his personal statements at the Monetary Policy Committee meeting held in December 2021. He noted that a rise in inflation, debt and income inequality could endanger recoveries in emerging and developing economies, which Nigeria is a part of.
For Nigeria, the oil sector should benefit from higher oil prices, a gradual easing of the Organisation of the Petroleum Exporting Countries (OPEC) production cuts, and domestic regulatory reforms.
