GOOD NEWS: World Bank says Nigeria will soon recover from economic recession


The World Bank has said that Nigeria will soon recover from economic recession.

Eme Essien-Lore, the Country Manager in Nigeria, International Finance Corporation, stated this in Lagos on Thursday.

”In our perspective and with the numbers that we have seen coming from the World Bank and the International Monetary Fund (IMF), Nigeria’s economy has recorded about one per cent real growth.

”That is a bit lower than government’s expectation which is about 2.2 per cent growth for 2017.

“It is a bit modest, but we certainly expect that the economy of Nigeria will rebound and recover from last year’s recession,” she said.

She also said the World Bank was happy that the Federal Government had published it’s economic plan.

According to her, the plan is very comprehensive, ambitious and thoughtful. She said that the World Bank had been consulting with the Nigerian Government on the plan, saying that the bank was happy that the plan had been published.

”Now we can sit down and look at it to see how we will align our objectives around what the government wants to do”, she said.

Lore added that the World Bank will look at what it can do for Nigeria.

”The plan is for 2017 to 2020, it is a relatively short period, but we need to know what the priorities are and collectively work with government on how to achieve them,” she said.

This, she said, would increase unemployment rate if adequate job were not provided for the expected huge population.

”A World Bank reports stated that between 2010 and 2030, there will be a need for 40 million additional jobs. “This will mean that 40 million Nigerians will need to enter the workforce within that period to boost the nation’s economy.

”The government needs to consider this by creating more jobs, especially for youths. Nigeria has the financial and entrepreneurial resources to create those jobs, ” she said.

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