World Bank says Nigeria may exit recession in 2017, but …

World Bank says Nigeria may exit recession in 2017, but ...

The World Bank is optimistic that Nigeria may exit economic recession this year, 2017.

The bank however stated that it is not yet ready to grant the country the loan facilities, which it has requested.

The statistics depicting Nigeria’s projected growth is contained in a report of the bank released on Wednesday, which included review of economic progress of countries in the West African subregion

The report projected about 2.8 per cent GDP growth in 2017.

Officials of the World Bank said the financial institution was optimistic that Nigeria world exit its recession in the second quarter of 2017.

Read also: Why CBN is yet to print new small denomination currencies

But officials of the Debt Management Office and the Central Bank of Nigeria are surprised that despite the positive note from the World Bank, it is not yet ready to offer Nigeria the request for $2 billion before its board since April 2016.

It would be recalled that Nigeria applied for the facility before Egypt, which did in June 2016 and had its loan approved in October same year.

Egypt’s request was however speedily granted because it accepted the IMF/World Bank conditionalities, which included devaluation of Egyptian Pound, the country’s currency and other guided programmes, Nigeria is yet to do so.

But a spokesman of CBN, Isaac Okorafor said the growth projection for Nigeria was enough indication that the apex bank’s programmes on survival of the recession were working.

On the assertion that the World Bank may not grant Nigeria its loan request so soon, he said negotiations were still on concerning all loan facilities with intentional credit institutions.

However, according to the World bank report: “While growth in Nigeria is forecast to rebound from recession and grow at 1 per cent pace with 2.9 longer projection, South Africa is expected to edge up to a 1.1 per cent pace with 3.1 longer projections.”

An official of the Ministry of Finance has said that with the World Bank report, the next meeting of the bank and Finance Minister, Kemi Adeosun, billed for February would be positive.

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