The World Bank has projected that Nigeria’s economy will be buoyed by a surge in services, with financial and telecom sectors leading growth amid ongoing reforms.
In its Global Economic Prospects report released Tuesday, the Bank revealed that GDP rose to 3.4% in 2024, with growth forecast to reach 3.6% in 2025 and average 3.8% through 2027.
While weak crude oil output continues to constrain the industrial sector, the rebound in transport and modest recovery in oil have supported the upward trend.
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The Bank attributed the improved outlook to domestic reforms that are attracting private investment and the Central Bank’s aggressive monetary tightening, including six interest rate hikes in 2024.
Despite slight moderation, inflation remains elevated—well above pre-pandemic levels.
According to the bank, fiscal improvements were also noted, driven by the removal of foreign exchange subsidies, improved revenue collection, and stronger earnings from state-owned enterprises.
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