Nigeria’s growth prospects muted, vaccine rollout slow – World Bank
The World Bank has said Nigeria’s muted growth prospects and slow vaccine rollout will weigh on sub-Saharan Africa’s economic outlook.
The bank said COVID-19 pandemic had increased the awareness of the importance of digital technologies, and many countries in the region were seizing the opportunity to create conditions for new, better and inclusive jobs.
The latest Africa’s Pulse, ‘The Future of Work in Africa: Emerging Trends in Digital Technology Adoption’, says as the region looked ahead to economic recovery, digital technology not only has the potential to create new jobs, but can also help boost the productivity of existing ones.
According to the report, economic activity in the region is expected to strengthen as countries act to contain new waves of the pandemic and speed up vaccine rollouts.
It said, “Growth in the region is forecast to rise to between 2.3 and 3.4 percent in 2021, depending on the policy measures adopted by countries in the region and the international community.
“Sub-Saharan Africa’s recovery is expected to vary significantly across countries. Growth is projected to rebound to 1.4 percent in Nigeria, 3.0 percent in South Africa, and 0.9 percent in Angola. Excluding Nigeria, South Africa, and Angola, activity is projected to expand at a more solid pace in the rest of the region.”
Non-resource-intensive countries, such as Côte d’Ivoire and Kenya, and mining-dependent economies, such as Botswana and Guinea, are expected to see robust growth in 2021, driven by a rebound in private consumption and investment as confidence strengthens and exports increase, according to the World Bank.
It said after a 1.1 percent contraction in 2020, real gross domestic product in Western and Central Africa would grow by 2.1 percent in 2021 and 3.0 percent in 2022.
“Nigeria’s muted growth prospects and slow vaccine rollout will weigh on the subregional economic outlook. Excluding Nigeria, growth in the sub-region is projected to rebound to 3.1 percent in 2021, following a modest contraction in 2020, and strengthen to 4.3 percent in 2022. Metals exporters and non-resource-rich countries are expected to drive the recovery,” the bank added.
