The World Bank has said that Nigeria’s Gross Domestic Product (GDP) growth is expected to hover slightly below two per cent in 2018, largely driven by non-oil industry and services.
Its “Economic Update” issued in Abuja yesterday indicates that Nigeria, like many other countries, has underinvested in human capital and remains very low compared to others.
Titled “Investing in Human Capital for Nigeria’s Future”, the report urges stakeholders to join government in addressing the country’s alarming human capital outcomes, noting: “As a member of the Human Capital Working Group, the World Bank stands ready to support the Nigerian government in its bold steps to improve the lives of its citizens.”
Given the challenging economic backdrop, the report suggests that certain key policy reforms would be important to support macroeconomic resilience for Nigeria.
“In the second quarter of 2018, the oil sector contracted by 4.0 per cent. The usually resilient agricultural growth slowed significantly to 1.2 per cent, impacted by the security challenges in the northeast and Middle Belt regions. Read more