The World Bank Group says Nigeria and other economies in Sub-Saharan Africa are fighting their economic challenges effectively. Some of these challenges include exchange rate crises.
In a report released yesterday, the global bank said the management of the region’s economies has improved with the average score edging up to 3.2 in 2021 from 3.1 the previous year.
It also said in the 2022 Country Policy and Institutional Assessment (CPIA) report that the development reflected improved monetary and exchange rate policies.
The report measures each country’s quality of policies and institutional frameworks, as well as the ability to support sustainable growth and poverty reduction from January to December 2021.
Analysis of the report showed that Rwanda maintained its highest CPIA score of 4.1, leading rankings for the seventh year in a row. Kenya improved slightly with an average score of 3.8, joining Cabo Verde with its unchanged score of 3.8.
Nigeria was number 21 on the list, behind Benin and Senegal which achieved an average score of 3.7. Benin upgraded its CPIA score in 2021 from 3.6.
“The overall average score for Sub-Saharan Africa’s International Development Association-IDA -eligible countries remained unchanged in 2021 at 3.1.
The overall score helps determine the size of the World Bank’s concessional lending and grants to low-income Sub-Saharan African countries,” the report said.