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The World Bank has increased its growth projections for Nigeria, expecting the country to grow by 3.3% in 2024 and 3.7% in 2025. This upward revision is based on the expectation that reforms in the country will begin to yield results. The report notes that Nigeria’s growth will be driven by sectors such as agriculture, construction, services, and trade.
However, the global economic outlook remains weak, with the World Bank predicting the weakest half-decade performance in 30 years. Slowing growth in major economies, sluggish global trade, and tight financial conditions are dampening the medium-term outlook for many developing economies.
The report also highlights the challenges faced by developing countries, particularly the poorest, who are burdened with high levels of debt and limited access to food. It emphasizes the need for governments to take action to accelerate investment and strengthen fiscal policy frameworks.
The World Bank’s Deputy Chief Economist, Ayhan Kose, suggests that investment booms have the potential to transform developing economies and help achieve various development goals. To achieve this, developing economies need to implement comprehensive policy packages that improve fiscal and monetary frameworks, expand cross-border trade and financial flows, improve the investment climate, and strengthen institutions.
