Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the td-cloud-library domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/vhosts/economicconfidential.com/httpdocs/wp-includes/functions.php on line 6121
Nigerian Economy Growth to Rise 3.7% in 2025 - World Bank - Economic Confidential
Facebook Instagram Twitter Youtube
  • Home
  • News
    • National News
    • State News
  • Business
  • Features
    • Insight
    • Opinion
  • FAAC
  • Financial
    • Facts & Figures
    • Monetary
    • Tax Matters
  • Sidelines
  • Profile
  • Special Focus
Search
Economic Confidential Factual, Authoritative & Accessible
  • Home
  • News
    • AllNational NewsState News
      Godwin Emefiele CBN Governor

      Court Grants Emefiele N2bn Bail Over Fresh Charges

      Nigerian Crude Hits $77 per Barrel

      Naira Against Dollar

      Naira Gains Against Dollar in Official, Black Markets

      PETROAN Sounds Alarm Over Dangote’s Fuel Market Dominance

  • Business
    • Naira Against Dollar

      Naira Gains Against Dollar in Official, Black Markets

      cbn

      CBN to Offer N162bn Worth of Treasury Bills for Subscription

      CBN Governor, Olayemi Cardoso

      CBN Clamps Down on Banks Under Regulatory Forbearance

      Dangote Refinery nnpcl

      Dangote Refinery to Commence Nationwide Distribution of Petrol, Diesel

      Dollar Against Naira

      Naira Gains Against Dollar in Both Official, Black Markets

  • Features
    • AllInsightOpinion
      Rabi Ummi Umar

      A Heartfelt Letter to Our Fathers, by Rabi Ummi Umar

      Central Bank of Nigeria, CBN

      As CBN Leads Nigeria’s Gender-sensitivity Resurgence, by Rahma Olamide Oladosu

      The Comptroller-General of the Nigeria Customs Service (NCS), Mr Bashir Adewale Adeniyi

      GEOINT: The Intelligence Edge Nigeria Customs Needed, By Tahir Ahmad

      DG NITDA Kashifu Inuwa

      When Borrowing Becomes Harm and NITDA Responds, By Fatimah Yusuf Usman

  • FAAC
    • FAAC

      FAAC: FG, States, LGs Share N1.7tn in February

      Federal Account Allocation Committee FAAC

      FAAC: FG, States, LGs Shared N1.7trn in January

      FAAC

      N13.7trn Federation Account Revenue Unremitted by NNPCL – FAAC

      FAAC

      FAAC Revenue Declines by N303bn in December

      cbn

      Federation Account grew by 7.48% in Q3 2024

  • Financial
    • AllFacts & FiguresMonetaryTax Matters
      Inflation

      Nigeria’s Inflation Drops to 22.97%

      Nigerian Financial Intelligence Unit (NFIU) OGFZA

      Nigeria Nears FATF Grey List Exit – NFIU

      President Bola Ahmed Tinubu Cop

      ‘Tinubu’s Reforms Bold, But Brought Pains on Citizens, Businesses’

      TAX

      Tax Reforms Not Just About Revenue, Says Presidential Aide

  • Sidelines
    • Saliu Mustapha

      Visit Kwara: Saliu Mustapha Pens Foreward For New Book Spotlighting Kwara…

      Apple Data Breach: Marketing Strategy or Security Issue

      Dangote-BUA Sugar Scarcity Feud

      Google: Expanding 2-Step Verification Enrollment

      SAEMA Awards 2021: Submit Nominees for Security and Emergency Management Awards

  • Profile
    • Sambo Dasuki

      Polo, Politics, and the Dasuki Family

      The immediate-past Director in charge of Executive Secretary’s Office at the National Sugar Development Council (NSDC), Mallam Ahmed M. Waziri.

      Ahmed Musdafa Waziri: A Quintessential Civil Servant at 60, by Abdulrahman…


      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 565

      Deprecated: parse_url(): Passing null to parameter #1 ($url) of type string is deprecated in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 565

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      PROFILE: Ten Things to Know About New CCB Chairman, Dr Abdullahi…

      CBN's Acting Director of Corporate Communications, Hakama Sidi Ali

      Hakama Sidi-Ali: The CBN’s First Female Spokesperson and Reputation Management

      Aisha Rimi

      PROFILE: Aisha Rimi, a Square Peg in NIPC’s Square Hole

  • Special Focus
    • Point of Sale Transaction (PoS)

      SPECIAL REPORT: Cash Crunch, Exorbitant POS Charges in the Face of…

      SPECIAL REPORT: Sickle Cell Awareness- A Public Health Imperative for Nigeria,…

      Governor Abba Yusuf of Kano, President Tinubu of Nigeria and Governor Sim Fubara of Rivers

      Shambolic Local Elections: Are Governors Setting ‘Standard’ for Tinubu’s 2027 Re-Election…

      Obamodi Oluwadamilola Faith

      Palliatives Distribution: A Culture FG Must Stop By Obamodi Oluwadamilola Faith

      health care sector

      EXCLUSIVE: How Health Ministry Scuttled Plot to Frustrate Multi-billion Naira Malaria…

Home Business Nigerian Economy Growth to Rise 3.7% in 2025 – World Bank
  • Business

Nigerian Economy Growth to Rise 3.7% in 2025 – World Bank

By
Economic Confidential
-
January 25, 2024

Nigerian Economy Growth to Rise 3.7% in 2025 – World Bank

Your browser does not support the video tag.

The World Bank has predicted that Nigerian Gross Domestic Product will grow by 3.7 per cent in 2025.

The World Bank in its latest report titled “Global Economic Prospect: Subdued Growth, Multiple Challenges”, projected that the African largest economy will improve by 3.3 per cent up from a projected 2.9 per cent for 2023

The report stated, “Growth in Nigeria is projected at 3.3 per cent this year and 3.7 percent 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.”

The Washington-based bank attributed the momentum to the gradual realisation of the current macro-fiscal reforms.

Since the assumption of office by President Bola Tinubu, he has initiated some reforms, which include the removal of fuel subsidies and foreign exchange rate harmonisation, with a focus on infrastructure development, manufacturing, and technology.

The multilateral bank said that the country’s economic growth will be driven by agriculture, construction, services, and trade.

According to the 2023 State of Global Food and Nutrition Security, the number of Nigerians facing food insecurity has increased by 133 per cent in three years. The figure surged from 63.8 million people between 2014 and 2016 to 148.7 million people between 2020 and 2022.

“Inflation should gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade. These structural reforms are expected to boost fiscal revenue over the forecast period,” the World Bank declared.

It acknowledged that the Nigerian economy softened to an estimated 2.9 per cent in 2023 due to the disruptive currency demonetisation policy, which involved replacing old high-denomination naira notes.

“Growth in the region’s three largest economies—Nigeria, South Africa, and Angola—slowed to an average of 1.8 percent last year, holding back the region’s overall growth.

“In the region’s other countries, growth softened to 3.9 per cent, partly reflecting a sharp decline in metal exporters’ growth alongside lower global metal prices. Moreover, intense and prolonged conflicts hampered growth in several countries.

“More broadly, post-pandemic recoveries were slowed by weakening external demand and domestic policy tightening to address persistent inflation,” it remarked.

Nigeria’s GDP was N60.66tn as of Q3 of 2023 after growing at 2.54 per cent, according to the National Bureau of Statistics.

The bureau said the growth rate was higher than the 2.25 per cent recorded in Q3 2022 and higher than the second quarter 2023 growth of 2.51 per cent.

However, there were concerns that rising public debt, persistent inflation, high cost of living, and a weak business environment, may continue to pose a downward risk to Nigeria’s growth prospects.

The country’s inflation rose to a 21-year high of 28.92 per cent in December 2023.

Public debt climbed to N87.91trn in the third quarter of 2023, according to data from the Debt Management Office.

The United Nations in its ‘World Economic Situation and Prospects 2024’ report noted that African countries will continue to experience deteriorating fiscal positions against the backdrop of high public debt and a low domestic revenue base in 2023.

“Efforts to increase in-country oil refining capacity would likely reduce domestic fuel costs in 2024 and beyond. Energy subsidy reforms in Nigeria, Angola, and Gambia, as well as tax hikes in Kenya, Ghana, and South Africa, aim to provide the government with some relief from tight fiscal spaces.”

spokesperson
PRNigeria.com
EconomicConfidential.com
PRNigeria.com/Hausa
EmergencyDigest.com
PoliticsDigest.ng
TechDigest.ng
HealthDigest.ng
SpokesPersonsdigest.com
TeensDigest.ng
ArewaAgenda.com
Hausa.ArewaAgenda.com
YAShuaib.com
  • TAGS
  • World Bank
Previous articleAt Pantami’s Book Presentation, Fani-Kayode Defends Former Minister’s Intervention on Abuja Sisters
Next articlePower Grid Collapsed 46 Times in Six Years, Says IEA
Economic Confidential
Economic Confidential
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.

Recent Posts

  • Why FCT Ground Rent Payments Surged
  • ‎Oshiomhole vs Air Peace: Nigeria’s Skies of Delay and Impunity‎, by Zekeri Idakwo Laruba
  • Court Grants Emefiele N2bn Bail Over Fresh Charges
  • Nigeria’s Inflation Drops to 22.97%
  • Nigerian Crude Hits $77 per Barrel
© Newspaper WordPress Theme by TagDiv