Soon Nigeria will exit recession ~ World Bank
The World Bank Group, yesterday, hinted
Nigeria will soon recover from its current
Mrs. Eme Essien-Lore, Country Manager
in Nigeria, International Finance
Corporation, a member of the Group, who
made the observation in an interview
with the News Agency of Nigeria (NAN)
in Lagos on Thursday, noted that there
were several indications to show that the
country’s economy was beginning to
rebound after several months of decline.
She stated: “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.
Essien-Lore commended the Federal
Government’s new economic plan, but
said that there was need to set priorities
for its implementation up to 2020.
On government ERGP, she said the plan
is very comprehensive, ambitious and
thoughtful and that the World Bank had
been consulting with the Nigerian
government on the plan, adding that the
bank was happy that it had been
“Now we can sit down and look at it to
see how we will align our objectives
around what the government wants to
Essien-Lore said the plan was an
opportunity to look at the priorities and
what the World Bank could do for the
Nigerian government as “it comes up
with its development agenda. 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,”
Meanwhile, the naira, on Thursday,
consolidated its gains against the dollar
at the parallel market.
The Nigerian currency gained two points
to exchange at N455 to a dollar, from
N457 it posted on Wednesday, while the
pound sterling and the euro traded at
N550 and N480, respectively.
At the Bureau De Change (BDC) window,
the naira traded at N400 to a dollar,
while the pound sterling and the euro
closed at N550 and N487, respectively.
Trading at the interbank segment of the
market saw the naira closing at N306.75
to a dollar.
Currency traders said that the boost in
liquidity by the CBN had enabled the
naira to sustain its gain against the
dollar at the forex market.