The African Development Bank has projected a growth rate of 1.5 per cent for Nigeria in 2021, and a 2.9 per cent growth in 2022.
“We project that Nigeria’s economy is poised to recover to growth of 1.5 per cent in 2021 and 2.9 per cent in 2022, according to the African Development Bank’s soon to be released African Economic Outlook,” the bank’s president, Dr Akinwumi Adesina, said while delivering a speech at the first national tax dialogue.
He said the economy shrunk by three per cent in 2020 on account of falling oil prices and effects of the lockdowns on economic activity, adding that the pandemic impacted on budgetary balances and increased debt burdens.
He also said that debt service payments posed the greatest risk to Nigeria, given shrinking oil revenues.
“With shrinkage in oil revenues, debt service payments pose the greatest risk to Nigeria,” he explained.
