The Central Bank of Nigeria has said that Nigeria estimates its economy to grow between 2.5 per cent and 3 per cent this year.
Central Bank of Nigeria Governor Godwin Emefiele said this on Tuesday after an easing of lockdown measures and increased vaccinations boosted business, including international and local travels.
Africa’s largest economy had contracted in 2020 due to the coronavirus pandemic, though in the fourth quarter it managed to exit its recession, the second since 2016, and growth has now increased for three consecutive quarters to June 30.
The economy expanded by five per cent in the second quarter of this year.
“With continued improvements in the economy, I am optimistic… we would end the year with an annual GDP growth of between 2.5–3.0 per cent,” Emefiele told a banking conference.
Amid the third wave of infections, Nigeria has started a second phase of inoculating its 200 million citizens after it received a donation of four million doses of the Moderna vaccine from the U.S. government.
“Notwithstanding the positive news … I would admit that growth remains fragile. We are not out of the woods yet, given the challenges in combating the COVID-19 pandemic,” Emefieile said.