World Bank sees 3.3%, 3.7% growth For Nigerian economy In 2024, 2025

Nigeria’s Gross Domestic Product (GDP) is expected to increase by 3.3 per cent and 3.7 per cent in 2024 and 2025 respectively, according to World Bank forecast.
The largest economy in Africa is expected to grow by 3.3 per cent, up from a projected 2.9 per cent in 2023, according to the World Bank’s most recent study, “Global Economic Prospect: Subdued Growth, Multiple Challenges.”
The report stated, “Growth in Nigeria is projected at 3.3 per cent this year and 3.7 percent in 2025—up 0.3 and 0.6 percentage points, respectively, since June—as macro-fiscal reforms gradually bear fruit.
“The baseline forecast implies that per capita income will reach its pre-pandemic level only in 2025.”
The momentum, according to the Washington-based bank, is due to the present macro-fiscal reforms being gradually implemented.
The 2023 State of Global Food and Nutrition Security report claims there has been a 133% increase in food insecurity among Nigerians in just three years. Between 2020 and 2022, the number increased from 63.8 million in 2014 to 148.7 million in 2022.
“Inflation should gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade. These structural reforms are expected to boost fiscal revenue over the forecast period,” the World Bank declared.
It admitted that the disruptive currency demonetisation policy—which involves replacing outdated, high-denomination naira notes—caused the Nigerian economy to soften to an anticipated 2.9 per cent in 2023.
The report said, “Growth in the region’s three largest economies—Nigeria, South Africa, and Angola—slowed to an average of 1.8 per cent last year, holding back the region’s overall growth.

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