The World Bank has projected a 3.6% average economic growth for Nigeria between 2025 and 2026, following ongoing government reforms aimed at strengthening the economy. The projection, outlined in the World Bank’s “Global Economic Prospects” report published on Thursday, reflects the positive impact of recent policy changes.
According to the report, Nigeria’s GDP growth is estimated to increase to 3.3% in 2024, largely driven by the services sector, with financial and telecommunication services playing a prominent role. The World Bank noted that the Federal Government’s economic reforms, including the removal of fuel subsidies and the introduction of new tax laws, have been crucial in boosting business confidence.
The bank also highlighted that while Nigeria’s oil production is expected to increase over the forecast period, it will remain below the country’s OPEC quota. Despite marginal growth in oil output in 2024, the country’s daily production rose by 152,000 barrels per day in November, according to data from the Organization of the Petroleum Exporting Countries.
In the face of these challenges, the World Bank remains optimistic about Nigeria’s economic trajectory, anticipating steady growth in both the non-oil and oil sectors through 2025 and 2026.
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