The World Bank in its January 2017 Global Economic Prospects report confirmed the Federal Government of Nigeria’s predictions that the recession will end in the country this year.

According to the report, Nigeria’s economy will grow by one per cent while global economy will rise to 2.7%, this year, The Government and Business Journal reports.

“Sub-Saharan African growth is expected to pick up modestly to 2.9 per cent 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 per cent pace this year. Nigeria is forecast to rebound from recession and grow at a 1 per cent pace. Angola is projected to expand at a 1.2 per cent pace,” it said.

Let’s be reminded that Nigeria officially got into recession in the second quarter of 2016. The economy contracted by 2.1% while inflation had increased to 17.1%.

Both the Minister of Finance, Kemi Adeosun, and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, had said that the country will return to growth this year.

Anita Fatunji