World Bank sees Nigerian 2018 GDP growth at under 2 percent

A construction worker at the Dangote Oil Refinery in Lagos, Nigeria. [Photo: Courtesy]

LAGOS - The World Bank expects Nigeria’s economy to grow slightly less than 2 percent this year, largely driven by the non-oil industry and services sectors, as the approach of elections keeps foreign investors away, it said on Wednesday.

Nigeria emerged from a recession last year but growth remains fragile, with the government borrowing both at home and abroad to help fund its budget. It has raised almost $9 billion from the eurobond market since 2017 to boost growth.