The World Bank has forecasted that Nigeria’s economy will grow by 3.5 per cent in 2025 and rise slightly to 3.7 per cent in 2026.
This projection, contained in the latest Global Economic Prospects report, reflects a modest recovery for the nation amidst persistent economic challenges and global uncertainties.
According to the report, Nigeria’s economic growth improved to an estimated 3.3 per cent in 2024, driven primarily by strong activity in the services sector, particularly financial and telecommunication services.
The report read, “In Nigeria, growth increased to an estimated 3.3 per cent in 2024, mainly driven by services sector activity, particularly in financial and telecommunication services.
“Macroeconomic and fiscal reforms helped improve business confidence. In response to rising inflation and a weak naira, the central bank tightened monetary policy.
“Meanwhile, the fiscal deficit narrowed due to a surge in revenues driven by the elimination of the implicit foreign exchange subsidy, following the unification of the exchange rate and improved revenue administration.”
