World Bank don talk say Nigeria economy grow well-well for 2024 — na di fastest wey e don grow for almost 10 years — sake of better economic...
World Bank don talk say Nigeria economy grow well-well for 2024 — na di fastest wey e don grow for almost 10 years — sake of better economic reforms and beta management of government money, even though wahala still dey for high inflation.
For one presentation wey happen on Monday, di World Bank lead economist for Nigeria, Alex Sienaert, yarn say Nigeria GDP grow reach 4.6% for di last quarter of 2024. E still add say business signs show say di economy still dey grow as 2025 don start.
Dis beta report come ahead of di official launch of di Nigeria Development Update wey go happen for Abuja. Na report wey dem dey release two times every year to check important economic and development matters for Nigeria.
Sienaert talk say di growth na because of reforms wey President Bola Tinubu government do, like removing fuel subsidy, cutting electricity allowance, and devaluing di naira. But e still talk say all these reforms don make prices high and inflation still be big problem.
For February 2025, Nigeria inflation drop small to 23.18% — na di lowest since June 2023 — from 24.48% wey e be for January. Food inflation too drop to 23.51%, wey be di lowest since September 2022. But core inflation (wey no count food and energy) rise reach 24.43% from 23.01%. Month-to-month consumer prices climb 3.90% for March, from 2.04% for February.
World Bank predict say Nigeria economy go grow by 3.6% for 2025.
Sienaert talk say the foreign exchange reforms don help create better and stable exchange rate, and na why Central Bank fit rebuild their foreign reserves wey don pass $37 billion now.
“That one dey important because na that reserve go protect economy from wahala wey fit come from outside,” na so Sienaert talk.
E still talk say Nigeria government revenue increase by 4.5% of GDP last year — wey e call “serious achievement.” Dis one happen because dem remove foreign exchange subsidy, improve tax collection and people dey send more money from abroad.
Di extra money help government reduce di budget deficit to 3% of GDP for 2024, from 5.4% for 2023. But Sienaert talk say di full benefit of fuel subsidy removal never show completely.
Even with all dis improvement, Sienaert warn say Nigeria still dey battle high inflation. E say government gats continue with tight money policy and manage spending well if dem wan keep di economy strong.
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