The World Bank has forecast that Nigeria’s economy will grow by 3.3 per cent this year.
According to the development bank, agriculture, construction, services, and trade are expected to drive Nigeria’s economy’s growth in 2024.
The World Bank disclosed this in its recent Global Economic Prospects (GEP) 202, adding that Sub-Sahara Africa will experience 3.8 and 4.1 per cent of economic rebound in 2024 and 2025 respectively.
It said, “Growth in Nigeria is projected at 3.3 percent this year and 3.7 percent in 2025—up 0.3 and 0.6 percentage point, respectively, since June—as macro-fiscal reforms gradually bear fruits.
“The baseline forecast implies that per capita income will reach its pre-pandemic level only in 2025.
“Growth is expected to be driven mainly by agriculture, construction, services, and trade.”
The Bretton Woods institution also revealed that the country’s inflation will improve as the fuel subsidy removal and other economic reforms of President Bola Tinubu’s administration yield the expected results.
“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,” it added.
As regards Sub-Sahara Africa, it said, “Growth in Sub-Saharan Africa (SSA) is projected to rebound to 3.8 percent in 2024 and 4.1 percent in 2025 as country-specific factors that have temporarily weighed on growth, including reduced fiscal support and metal exporting economies’ adjusting to lower prices, gradually ease.”
