NIGERIA'S ECONOMY IMPROVING DUE TO REFORMS- WORLD BANK.
World Bank’s Acting Country Director for Nigeria, Taimur Samad, has said that Nigeria's economy is showing signs of improvement.
Citing the latest Nigeria Development Update report, acknowledging a stable exchange rate, rising foreign reserves, and improved fiscal conditions as key indicators of progress, Samad noted that the conomic growth surged to 3.4% in 2024, being the highest since 2014.
He revealed that the fiscal deficit shrunk from 5.4% of GDP in 2023 to 3.0% in 2024, driven by increased federation revenues, although high inflation remains a challenge, projected to fall to around 22% by 2025 if tight monetary policies are maintained.
The World Bank has, therefore, recommended sustained reforms to drive growth and expand economic opportunities including a private sector-led growth strategy, reducing governance costs, and scaling up targeted cash transfer programs to assist vulnerable populations.
