The World Bank has predicted a 3.7 per cent growth for Nigeria’s Gross Domestic Product (GDP) in 2025.
This was contained in the World Bank’s report titled “Global Economic Prospect: Subdued Growth, Multiple Challenges.”
The report projected that the economy will improve by 3.3 per cent up from a projected 2.9 per cent for 2023.
“Growth in Nigeria is projected at 3.3 per cent this year and 3.7 percent in 2025—up 0.3 and 0.6 percentage points, respectively, since June—as macro-fiscal reforms gradually bear fruit.
“The baseline forecast implies that per capita income will reach its pre-pandemic level only in 2025,” it stated.
The growth, according to the World Bank is predicated on the gradual realisation of the current macro-fiscal reforms by the Tinubu administration, adding that the country’s economic growth will be driven by agriculture, construction, services, and trade.
“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,” the World Bank report added.
It further noted that the Nigerian economy softened to an estimated 2.9 per cent in 2023 due to the disruptive currency demonetisation policy, which involved replacing old high-denomination naira notes