The World Bank expects Nigeria’s economy to grow slightly less than 2 percent this year, largely driven by the non-oil industry and services sectors, as the approach of elections keeps foreign investors away.
Nigeria emerged from a recession last year but growth remains fragile, with the government borrowing both at home and abroad to help fund its budget. It has raised almost nine billion dollars from the Eurobond market since 2017 to boost growth.
The World Bank said in a statement today that Nigeria’s emergence from recession remains sluggish, and sectoral growth patterns are unstable. It added that in the second quarter of 2018, the oil sector contracted by four-point-zero percent.
GDP grew by zero-point-eight-three percent last year after shrinking by one-point-five eight percent in 2016, its first annual contraction in twenty-five years. For this year, Nigeria’s central bank is projecting growth of one-point-seven-five percent.