Nigeria’s economy to grow at 3.3 per cent in 2024 – World Bank

The Washington-based World Bank has projected Nigeria’s economy to grow 3.3 per cent this year.

The leading development bank disclosed this in its recent Global Economic Prospect (GEP).

Accordingly, the latest growth projection for Africa’s largest economy, Nigeria, is about 0.4 percentage points higher than the 2.9 per cent it is expected to have closed last year.

Meanwhile, the projection is slightly behind that of sub-Saharan Africa (SSA), which is to expand by 3.8 per cent, but far modestly above the estimated global average of 2.3 per cent.

The latest projections for 2024 and 2025 are way above June forecasts, which were three and 3.1 per cent, respectively, re-validating the global bank’s rising confidence in the prospect of the economy since downstream oil and foreign exchange reforms that started the mid-last year.

According to the report, Nigeria’s inflation will “gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade”, with the structural reforms expected to boost fiscal revenue.

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