The World Bank has predicted that Nigerian Gross Domestic Product will grow by 3.7 per cent in 2025.
The World Bank in its latest report titled “Global Economic Prospect: Subdued Growth, Multiple Challenges”, projected that the African largest economy will improve by 3.3 per cent up from a projected 2.9 per cent for 2023.
The report stated, “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.”
The Washington-based bank attributed the momentum to the gradual realisation of the current macro-fiscal reforms.
Since the assumption of office by President Bola Tinubu, he has initiated some reforms, which include the removal of fuel subsidies and foreign exchange rate harmonisation, with a focus on infrastructure development, manufacturing, and technology.
The multilateral bank said that the country’s economic growth will be driven by agriculture, construction, services, and trade.
Source: Punch