The World Bank has projected a modest economic growth rate for Nigeria in the coming years, forecasting a 3.5% GDP growth in 2025 and a slight increase to 3.7% in 2026.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that this projection is contained in the World Bank’s latest Nigeria Development Update (NDU) titled “Seizing the Opportunity.” The report acknowledges the recent economic reforms initiated by the Nigerian government, including the removal of fuel subsidies and reforms in the foreign exchange market.
Naija247news understands that the World Bank attributes the projected growth to these reforms, stating that they are expected to “rebuild fiscal space and restore macroeconomic stability.” The report also highlights the potential for increased economic activity driven by the commencement of production at the Dangote Oil Refinery.
According to Naija247news, the World Bank emphasizes the importance of continued policy reforms and structural adjustments to sustain economic growth and improve living standards in Nigeria. The report highlights the need for investments in human capital, infrastructure development, and diversification of the economy to reduce reliance on oil revenues.
Naija247news reports that while the projected growth rates are positive, the World Bank also warns of potential risks, such as global economic uncertainties, geopolitical tensions, and domestic challenges such as insecurity and climate change. The report stresses the need for proactive policy measures to mitigate these risks and ensure sustainable and inclusive economic growth.
The World Bank’s projection provides a cautiously optimistic outlook for the Nigerian economy, but it also underscores the need for continued efforts to address the country’s economic challenges and create a more prosperous future for its citizens.
