The World Bank has cut back on Nigeria’s growth forecast for 2018, stating that the country’s gross domestic product (GDP) will grow by only 1.9 percent — down from estimated 2.1 percent estimated in April.
The Washington-based lender said this was as a result of the reduction in oil production levels in the continent’s biggest economy, and contraction in the agricultural sector, following the herder-farmer crisis.
The World Bank alsoreduced its forecast for economic growth in sub-SaharanAfrica as the external environment becomes less favorable amidmounting global trade risks and weakening demand for the area’sproducts.
The Washington-based lender said in a report on Wednesdaythat the Gross domestic product in the region will probably expand by two pointseven per cent in 2018. That’s down from theWorld Bank’s June forecast of three point one per cent contained in
the Global Economic Prospects publication.