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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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JOHNSON PETER
January 12, 2017 at 1:39 pm
I pray the next meeting yield positive because life has not been easy for Nigerians. World Bank should help us out.
seyi jelili
January 12, 2017 at 2:09 pm
$2billion loan can’t salvage the economy to be sincere, we even need more than that, if we must come out of recession in the second quarter of 2017
Joy Madu
January 12, 2017 at 2:40 pm
So we should borrow like $20b ba? You must be irrational and so indulge in borrowing.
yanju omotodun
January 12, 2017 at 2:28 pm
The fact is that, if not for no other option , I don’t like world Bank giving us loan we might not be able to service for life with high interest kick back. World Bank giving us $2b is like giving us two glasses of water to get back 25litres gerrycan of water.
How I wish we can devise other means internally to save us from taking loan.
chichi emerue
January 12, 2017 at 2:45 pm
So many options are abound but our leaders are not sensible to understand that. But about diversifying the economy especially focusing on agriculture and mining .
Margret Dickson
January 12, 2017 at 3:59 pm
We don’t have to make world bank seem that important. They should go to hell with their money if they are not ready to grantus loan. With or without their money, Nigeria will bounce out of recession this year.
Animashaun Ayodeji
January 12, 2017 at 4:04 pm
Listen to yourself again Margret, I hope you wont end up regretting this statement that world bank isn’t important. If world bank isn’t important, is it the confused CBN that is important?
Johnson Amadi
January 12, 2017 at 4:01 pm
World bank knew Nigeria will be out of recession in 2017, this will make them grant Nigeria’s loan request, so they can be part of the positive process.
Roland Uchendu Pele
January 12, 2017 at 4:43 pm
If World Bank will not borrow us what we have asked for, then, we’d be damned to believe they actually meant it when they said we are coming out of recession this year.