World Bank Projects Agriculture to Drive Nigeria’s Economic Growth

The World Bank has projected that agriculture, trade, and others are expected to drive Nigeria’s economy’s growth by 3.3 percent this year, 2024 and 3.7 percent in 2025.

The World Bank disclosed this in its recent Global Economic Prospects (GEP) 202, adding that Sub-Saharan Africa will experience a 3.8 and 4.1 percent economic rebound in 2024 and 2025, respectively.

It said: “Growth in Nigeria is projected at 3.3 percent 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.Growth is expected to be driven mainly by agriculture, construction, services, and trade”.

The baseline forecast implies that per capita income will reach its pre-pandemic level only in 2025. The bank also predicted that inflation should gradually ease as the effects of last year’s exchange rate reforms and the removal of fuel subsidies fade and this is expected to boost fiscal revenue over the forecast period.

Agro Nigeria / Foluke Ibitomi