Soon Nigeria will exit recession ~ World Bank

The World Bank Group, yesterday, hinted

Nigeria will soon recover from its current

economic recession.

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,”

she said.

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.

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