The World Bank has predicted dark days for the economic growth of Nigeria. It forecasted that the next three years will be retrogressive as growth kin the real Gross Domestic Product (GDP) will stall for 2020, 2021 and 2022 at 2.1%.
The institution accredited a rudderless government policy as a framework for this and regrettably affirm that the GDP growth of the country had been terribly low since recent years.
Recent predictions say that the next three years beginning from 2020 will be plagued by arrested economic growth at 2.1% annually is a woe by all measure. This is evident in the low confidence of investors as the economy is currently lackluster in performance.
The World Bank projection emphasises that if insecurity, violence and insurgency actions, particularly in the Sahel, develop and spread geographically, they would hamper economic activity and cause food crisis in economies such as Burkina Faso, Chad, Ethiopia, Mali, Niger and Nigeria.
The World Bank further says that the 2.1% growth rate is weaker than previous projections, suggesting that some new negative factors have shaped the new growth estimate. Such variables include ‘softer external demand, lower oil prices and a slower-than-previously-expected improvement in oil production in view of the lack of much-needed reforms.’