Tuesday, November 29, 2022

Nigeria’s GDP to grow by 1.5% in 2021

The UN, however, noted that tighter foreign exchange liquidity, mounting inflationary pressures, and subdued domestic demand overshadowed the medium-term outlook.

• April 2, 2021
Nigerian minister of finance, Zainab-Ahmed (Credit: Business Day)

After last year’s 3.5 per cent contraction, projections have now revealed that Nigeria’s Gross Domestic Product will in 2021 expand by 1.5 per cent.

The United Nations disclosed this in its latest World Economic Situation and Prospects report.

The UN, however, noted that tighter foreign exchange liquidity, mounting inflationary pressures, and subdued domestic demand overshadowed the medium-term outlook.

The report called for smart investments in economic, societal, and climate resilience to ensure sustainable recovery following the adverse effects of the COVID-19 pandemic.

“After a contraction of 3.4 per cent in 2020, Africa is projected to achieve a modest recovery, with regional GDP expanding by 3.4 per cent in 2021. This recovery is predicated on the rise of domestic demand and the pick-up of exports and commodity prices,” it noted.

The report disclosed that the global economy shrank by 4.3 per cent, representing more than two and half times higher than during the 2009 global crisis.

Going by the report, the economy is expected to experience a 4.7 per cent modest recovery of 4.7 in 2021 which would barely offset the losses of 2020.

The World Economic Situation and Prospects 2021 is a report produced by the UN Department of Economic and Social Affairs in partnership with the UN Conference on Trade and Development (UNCTAD) and the five UN regional commissions.

The UN acknowledged the economic downturn in Africa.

Commenting on the report, the UN Secretary-General António Guterres stated, “We are facing the worst health and economic crisis in 90 years. 

“As we mourn the growing death toll, we must remember that the choices we make now will determine our collective future. 

“Let’s invest in an inclusive and sustainable future driven by smart policies, impactful investments, and a strong and effective multilateral system that places people at the heart of all socio-economic efforts.”

The report added, “The crisis is already increasing unemployment, poverty, and inequality. Most countries are facing enormous challenges to keep the pandemic under control and mobilise financial resources to support health systems, protect vulnerable groups, and support recovery.”

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

INEC chairman Mahmood Yakubu


Attacks on our facilities won’t stop 2023 elections: INEC

INEC said it would replace election materials that were lost in the attacks ahead of 2023.

Bruno Fernandez celebrates goal against Uruguay


Qatar 2022: Manchester United duo send Portugal, Brazil to World Cup round of 16

Manchester United duo of Bruno Fernandes and Casemiro netted the winners in both important fixtures.

Nasiru Idris


2023: I’ll establish ministry to tackle political thuggery, APC guber candidate says

Nasiru Idris said the ministry would also be mandated to fish out drug addicts across Kebbi.

Elon Musk

Hot news Home top

Apple wants to remove Twitter from its store: Elon Musk

Mr Musk also claims that Apple has suspended majority of its advertisements on Twitter.


National Sports Festival: 14,000 athletes to compete for medals in Asaba

The 36 states and the FCT will be competing in over 30 different sports in the festival.

Nigeria Exchange (NGX)


NGX: Investors lose N64 billion in bearish trading

The downturn was due to sell-offs in tier-one banks and industrial stocks such as Zenith Bank, Stanbic Bank and BUA Cement.