World Bank Says Economic Recession In Nigeria Will End Soon

Eme Essien-Lore, country director of International Finance Corporation

By Victor Ernest

Eme Essien-Lore, country director of the International Finance Corporation- a member of the World Bank group- says Nigeria will soon recover from economic recession.

She made this observation in an interview with the News Agency of Nigeria in Lagos on Thursday.

One percent real growth

”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 percent real growth,” she said.

She stated that the one percent growth was lower than government’s expectation which she said is about 2.2 percent 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.

According to Essien-Lore, Nigeria was growing very fast and would soon become the third largest country globally, after India and China.

Commendation of economic plan

She commended the Federal Government’s new economic plan, but said that there was a need to set priorities for implementation of the plan by the year 2020.

According to her, the plan is very comprehensive, ambitious and thoughtful.

She said that the World Bank had been consulting with the Nigerian Government on the plan, saying that the bank was happy that the plan had been published.

Essien-Lore said that 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.

On the high rate of unemployment in the country, Essien-Lore urged the Nigerian government to partner with the private sector to create more quality jobs to reduce poverty and prevent social unrest.


Have a story to tell, or images to share on a breaking news story? Send them to

Concise News via Whatsapp
(0906 928 2577)

The post World Bank Says Economic Recession In Nigeria Will End Soon appeared first on Concise News.

Source: ConciseNew.Global

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.