Nigeria’s economy has not recorded progress since 1995 – World Bank

According to a new report released by World Bank group, Nigeria has been ranked among nations whose economies did not record progress between 1995 to 2018.

This was revealed in a report titled Africa’s Pulse released on Monday, April 8, which is an analysis of issues concerning Africa’s future.

According to the report, Nigeria was among the 19 countries which were at the bottom in terms of economic performance.

The other 18 countries are Angola, Burundi, Botswana, the Republic of Congo, the Comoros, Gabon, Equatorial Guinea, Liberia, Lesotho, Mauritania, Malawi, Namibia, Sierra Leone, Eswatini, Chad, South Africa, Zambia, and Zimbabwe.

A part of the report read: “These countries did not show any progress in their economic performance from 1995-008 to 2015-18. For instance, their median economic growth rate decelerated, from 5.4 percent per year in 1995-2008 to 1.2% per year in 2015-2018.

“The population in this group accounts for 33 percent of the region’s total population (similar to the top and middle terciles) and produces almost 60 percent of the region’s total GDP (which is much greater than the top and middle terciles).

“This group includes the three largest countries in the region – Nigeria, South Africa, and Angola – and comprises many commodity exporters. The bottom tercile’s average GDP per capita is about US$2,696.”

The World Bank said that its report’s yardstick for measuring economic performance is based on the average annual Gross Domestic Product (GDP) growth rates during the years.

The bank also added that the reason for the stagnation is connected with the fact that household consumption has been on the low because of high exchange rates, restrictions on foreign exchange and infrastructure constraints that have affected private investment.

The World Bank, however, added that there may be a slight change as growth may rise to 2.2% in 2020 and a bit high in 2021 at 2.4%.