The World Bank, in its recent prediction, has revealed that Nigeria's gross domestic product (GDP) will increase by 3.7% in 2025.
The World Bank made this known in its latest report titled "Global Economic Prospect: Subdued Growth, Multiple Challenges," which projected that Nigeria (Africa's largest economy) would notice an improvement of 3.3%, up from the 2.9% forecast in 2023.
The report reads,
- Growth in Nigeria is projected at 3.3% this year and 3.7% in 2025—up 0.3 and 0.6 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.
Since the election that brought President Tinubu, Nigeria has experienced significant reforms in essential sectors, such as removing fuel subsidies and harmonising foreign exchange rates. The President has also focused on infrastructure development, manufacturing, and technology.
"Inflation should gradually ease as the effects of last year's exchange rate reforms and the removal of fuel subsidies fade. These structural reforms are expected to boost fiscal revenue over the forecast period," the World Bank declared.
Read more: https://www.investingport.com/world-bank-predicts-nigerias-gdp-to-increase-by-37-in-2025/