Nigeria's economy is relatively protected against the global financial meltdown.

The World Bank says Nigeria is relatively safe from the turmoil in global financial markets.

Shanta Devarajan, World Bank Chief Economist expressed these views in a video conference organised by the bank.

During its most recent Monetary Policy Committee meeting, the Central Bank of Nigeria also said that it envisages a minimal impact of the crisis on the Nigerian economy.

According to the World Bank, Nigeria's banking system does not have significant foreign ownership and is not likely to be affected much.

The World Bank also expects the economies of oil exporters, like Nigeria, to hold-up during a global recession especially because Nigeria's budget is based on an oil price of below US$70.

The Bank however sees a decline in foreign capital inflow into Africa which could dampen the economic outlook somewhat.