The bank in its 2018 African Economic Outlook projected Nigeria’s economic growth  at 2.1 per cent  in 2018 and 2.5 per cent in 2019.

According to the bank, “this outlook is anchored on higher oil prices and production, as well as stronger agricultural performance.”

Notwithstanding this positive outlook for the country, the AfDB in its report said Nigeria still faces significant challenges, including foreign exchange shortages, disruptions in fuel supply, power shortages, and insecurity in some parts of the country.

In addition, “revenue mobilization efforts are insufficient; at 5%, value added tax rates are among the lowest in the world, and revenue administration is inefficient. Poverty is unacceptably high; nearly 80% of Nigeria’s 190 million people live on less than $2 a day” the report said

Looking into the future, the AfDB economic prediction on Nigeria noted that “oil prices rebounded to an average of $52 per barrel (Brent crude) in 2017 and are projected to reach $54 in 2018, up from $43 per barrel in 2016.”