The World Bank says it expects the Nigerian economy to grow by 2.4 percent in 2021.

The projection is contained in the bank’s Africa Pulse, a biannual analysis of the near-term macroeconomic outlook for the region.

In June, the World Bank had set the GDP growth rate at 1.8 percent.

The higher growth rate published this month is expected to be supported by the service sector.

The World Bank said “Nigeria’s economic growth shows little sign of speedy recovery from the 2020 recession”.

The economy grew 5 percent in the second quarter, from 0.5 percent growth in the first quarter.