The World Bank has projected that the Nigeria's economy is expected to grow by 2.4 per cent in 2021. This projection is an increase in the bank's earlier growth projection of 1.8 per cent for the country in January this year.
The bank made this disclosure in the new edition of its Africa’s Pulse report titled ‘Climate change adaption and economic transformation in Sub-Saharan Africa’ on Wednesday.
The report stated that the projected growth in the country is due to growth experienced in the service sectors of the economy.
It added, “Within Africa, recovery is also multi-speed. Angola, Nigeria, and South Africa, the largest economies in the region, are expected to emerge from the 2020 recession, yet at different paces.
“Angola is expected to grow by 0.4 per cent in 2021, after five consecutive years of recession. The country is still battling to gain momentum, with elevated debt levels and weak performance of the oil industry.
“Nigeria is expected to grow by 2.4 per cent in 2021, supported by the service sector.”
It further stated that Nigeria and South Africa still lagged behind in the projected growth for the Sub-Saharan region.
“Excluding South Africa and Nigeria, the rest of Sub-Saharan Africa is rebounding faster, with a growth rate of 3.6 per cent in 2021.” 
It added, “Nigeria’s economic growth shows little sign of speedy recovery from the 2020 recession. The economy grew five per cent in the second quarter, from 0.5 per cent growth in the first quarter. This was the third consecutive quarter of positive growth since the pandemic crisis.
The Sub-Saharan region was also projected to grow by 3.3 per cent in 2021, which is a percentage point higher than the forecast in April 2021 Africa’s Pulse projection, 3.5 per cent in 2022, and 3.8 per cent in 2023.
The Bank, however, warned that although Sub-Saharan Africa was exiting recession in 2021, the recovery growth was still fragile, and suggested faster vaccine development to accelerate growth above five per cent for 2022.