The World Bank Group, WBG, has given a long list of challenges that need to be addressed in the immediate term by Nigeria’s new leadership.
David Malpass, WBG President, in a press briefing at the on-going Spring Meetings of the Bretton Woods institutions in Washington D.C., United States of America, also hinted that economic growth will be subdued during the year with a forecast growth rate of 2.8 percent, a further drop from its earlier forecast of 2.9 percent and also a significant drop from its estimates for 2022 at 3.3 percent.
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Mr. Malpass says Nigeria has a big chunk of its GDP coming from the oil sector, and this translates to a lot of people facing poverty due to the global difficulties in the sector as well as Nigeria’s peculiar challenges.
He also added that Nigeria has trade protection that blocks market development; a dual exchange rate which he says is very expensive for Nigerians; and high inflation coupled with under-diversification of the economy which prevent the country from making sufficient progress.