The World Bank has projected Nigeria’s Gross Domestic Product (GDP) growth rate to be 3.5% in 2025 and 3.7% in 2026.
This was revealed in the January 2025 edition of the bank’s Global Economic Prospects report, released on Thursday, January 17.
According to the World Bank report, Nigeria’s economic growth improved to an estimated 3.3% in 2024, while modest growth is expected in 2025.
The Bretton Woods Institution also projected that GDP growth in Nigeria will strengthen to an average of 3.6% a year in 2025-26.
The report noted that the gradually declining inflation would support Nigeria’s projected growth for 2025 and 2026.
Part of the report reads:
Despite these projections, the World Bank identified persistent risks to Nigeria’s economic recovery, Punch reports.
It was noted that citizens earning power would remain weak.
The report stated
On the outlook for Sub-Saharan Africa (SSA), the report said that growth in the region is expected to strengthen to 4.1 per cent in 2025 and 4.3 per cent in 2026, which is higher than Nigeria’s projection.
World Bank added:
The report, however, stated that growth rates in the region’s largest two economies (Nigeria and South Africa) will continue to lag behind those of the rest of the area despite the projected growth pickups in both countries.
Earlier, TimesNow.com.ng reported that the World Bank had approved a $2.25 billion loan to support President Bola Tinubu’s reforms in the country.
In a statement, the global institution said the loan was approved to support Nigeria’s response to the country’s current economic challenges.
Nigerians have reacted to the new loan on social media.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
