Saturday, January 29, 2022

World Bank Says Higher Oil Prices Will Help Economy In 2022

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The World Bank has projected a 2.5 % economic growth for Nigeria in 2022, and 2.8% in 2023.

This 2022 forecast is a slight upward review from the estimated 2.4% growth in 2021.

This was disclosed in its latest Global Economic Prospects report which says “In Nigeria, growth is projected to strengthen somewhat to 2.5% in 2022 and 2.8% in 2023.

It argued that the oil sector should benefit from higher oil prices, a gradual easing of the Organisation of the Petroleum Exporting Countries production cuts, and domestic regulatory reforms.

It was, however, stated that the recovery from pandemic-induced income, employment losses, and inflation would be slow