• About
  • Advertise
  • Careers
  • Contact Us
Tuesday, July 1, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

World Bank projects Nigeria’s Economy to Grow at 3.3% in 2024

by Techeconomy
January 10, 2024
in Finance
0
Lagos Business district, marina Lagos, Nigeria Economy, business growth, financial services sector
Marina Lagos

Marina Lagos

UBA
Advertisements

The World Bank has estimated Nigeria’s economy to grow at 3.3 per cent this year.

Going by the World Bank’s prediction, the country’s economy will record about 0.4 percentage points higher than the 2.9 per cent it is expected to have closed last year.

The projection is slightly behind that of sub-Saharan Africa (SSA), which is to expand by 3.8 per cent but far modestly above the estimated global average (2.3 per cent).

In its Global Economic Prospect (GEP), the World Bank remains bullish on Nigeria, with the economy expected to firm further to 3.7 per cent next year, over one percentage mark-up over global output growth.

The latest projections for 2024 and 2025 are way above June forecasts, which were three and 3.1 per cent respectively, re-validating the global bank’s rising confidence in the prospect of the economy since downstream oil and foreign exchange reforms that started the mid-last year.

The bank said the macro-fiscal reforms that started in June are gradually bearing fruits, saying per capita income will reach its pre-pandemic level in 2025. Growth, it noted, would be driven mainly by agriculture, construction, services and trade.

On inflation, the report records that Nigeria’s economy will “gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade” with the structural reforms expected to boost fiscal revenue.

“Growth in SSA is expected to accelerate to 3.8 per cent in 2024 and firm further to 4.1 per cent in 2025 as inflationary pressures fade and financial conditions ease. The projections for regional growth in 2024 and 2025 are little changed from June forecasts, but these aggregates mask a mix of upgrades and downgrades at the country level.

“While growth in the largest economies in SSA is expected to lag the rest of the region, non-resource-rich economies are forecasted to maintain a growth rate above the regional average. Excluding the three largest SSA economies, growth in the region is expected to accelerate from 3.9 per cent in 2023 to 5 per cent in 2024 and a further 5.3 per cent in 2025,” the report said about Africa.

The report said this year would mark the slowest growth in 30 years but that the global economy is in a better stead than it was a year ago.

It cautioned that the mounting geopolitical tensions could create fresh near-term hazards for the world economy if adequate measures are not taken.

“Without a major course correction, the 2020s will go down as a decade of wasted opportunity. Near-term growth will remain weak, leaving many developing countries – especially the poorest – stuck in a trap: with paralyzing levels of debt and tenuous access to food for nearly one out of every three people.

That would obstruct progress on many global priorities. Opportunities still exist to turn the tide.

This report offers a clear way forward: it spells out the transformation that can be achieved if governments act now to accelerate investment and strengthen fiscal policy frameworks,” said Indermit Gill, World Bank Group’s Chief Economist and Senior Vice President. (The Guardian).

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: Global Economic ProspectNigeria’s economyWorld Bank
Techeconomy

Techeconomy

Next Post
Cybersecurity tops CIOs budget priorities

The Biggest Cybersecurity Worries in 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

tech skills

How the Port Harcourt Tech Ecosystem can Move Beyond Just Honing Tech Skills

2 years ago
Digital Marketing by Derek Jason Bossman Ad Dynamo by Aleph

Supercharge your Digital Marketing to Increase Sales during Ramadan – Here’s How

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.