The World Bank has forecasted that agriculture, trade, and other sectors will fuel Nigeria’s economic growth by 3.3 percent in 2024 and 3.7 percent in 2025.
This projection was revealed in the recent Global Economic Prospects (GEP) 202 report by the World Bank, which also anticipates a 3.8 percent economic rebound in Sub-Saharan Africa in 2024 and a further increase to 4.1 percent in 2025.
According to the report, Nigeria’s growth is expected to reach 3.3 percent this year and 3.7 percent in 2025, reflecting an increase of 0.3 and 0.6 percentage points, respectively, since June, attributed to the gradual fruition of macro-fiscal reforms.
The report indicates that growth will be primarily driven by agriculture, construction, services, and trade, with per capita income anticipated to return to its pre-pandemic level by 2025.
Furthermore, the bank predicts that inflation will gradually decrease as the effects of last year’s exchange rate reforms and the elimination of fuel subsidies diminish, leading to an anticipated increase in fiscal revenue over the forecast period.
