The World Bank has anticipated a 3.7% Gross Domestic Product (GDP) growth for the nation by the year 2025.
This optimistic outlook was unveiled in the latest World Bank report titled “Global Economic Prospect: Subdued Growth, Multiple Challenges”.
The report underscores a gradual improvement in Nigeria’s economic landscape, suggesting an improvement from the projected 2.9% growth for 2023 to a projected 3.3% growth for the current year.
Notably, this upward revision signals the fruition of macro-fiscal reforms initiated by President Bola Tinubu’s administration, aimed at fostering infrastructure development, manufacturing, and technological advancement.
Crucially, the World Bank attributed Nigeria’s envisaged momentum to the realization of ongoing macro-fiscal reforms, including the removal of fuel subsidies and the harmonization of foreign exchange rates.
These pivotal measures underscore the government’s commitment to steering the economy towards sustainable growth and stability.
The projected growth is expected to be driven by key sectors such as agriculture, construction, services, and trade, which are poised to contribute significantly to Nigeria’s economic resurgence.
However, amidst the positive forecast, challenges persist, notably in the realm of food security. The 2023 State of Global Food and Nutrition Security report reveals a concerning 133% increase in the number of Nigerians facing food insecurity over the past three years.
This underscores the imperative for comprehensive strategies to address underlying socio-economic vulnerabilities and enhance resilience in the face of evolving global dynamics.
Against the backdrop of persistent inflation, rising public debt, and external economic pressures, Nigeria’s path to sustained economic growth remains contingent upon robust policy frameworks, prudent fiscal management, and proactive measures to mitigate emerging risks and uncertainties.
