The World Bank has predicted that Nigeria’s Gross Domestic Product (GDP) will grow by 3.7 percent in 2025.
The World Bank in its latest report titled: “Global Economic Prospects: Subdued Growth, Multiple Challenges”, projected that Africa’s largest economy will improve by 3.3 percent up from a projected 2.9 percent from 2023. The report stated: “Growth in Nigeria is projected at 3.3 percent this year and 3.7 percent in 2025 up 0.3 and o.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 World 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 subsidy and foreign exchange harmonisation with a focus on infrastructural development, manufacturing and technology.
The World Bank said that Nigeria’s economic growth will be driven by agriculture, construction, services and trade.