The World Bank has projected that Nigeria will, in this year, get out of the current economic recession, and grow its Gross Domestic Product, GDP, by one per cent.
While forcasting that growth in oil-exporting countries will be weaker, the global financial institution stated that economies that are not natural-resources intensive will experience robust growth.
This was contained in a statement which however projected that the global economy will accelerate moderately to 2.7 percent in this year.
According to the 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.”