The World Bank has said that the lower-than-average growth in Nigeria will hold back the sub-region’s economic performance.
The Washington-based lender in a report on the economic outlook of Western and Central Africa stated that activities in the region were set to increase from 3.2 per cent in 2023 to 3.7 per cent in 2024 and further accelerate to 4.2 per cent in 2025–2026.
“In AFW, economic activity is set to increase from 3.2 per cent in 2023 to 3.7 per cent in 2024 and further accelerate to 4.2 per cent in 2025–2026. The subregion’s performance will be held back by the lower-than-average growth in Nigeria. Excluding this country, the AFW sub-region is projected to grow by 4.4 per cent in 2024 and 5 per cent in 2025–2026.” it noted.
The report added that economic activities in the West African Economic and Monetary Union were projected to increase by 5.9 per cent in 2024 and 6.2 per cent in 2025 due to the solid performances of Benin, Côte d’Ivoire, Niger, and Senegal.
The World Bank explained that the growth in Nigeria was projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–2026 as macroeconomic and fiscal reforms gradually start to yield results.
It declared that the oil sector was expected to stabilise with a recovery in production and slightly lower prices.
“A more stable macroeconomic environment, as the reforms’ initial shock dissipates, will lead to sustained but still slow growth of the non-oil economy. The oil sector is expected to stabilise with a recovery in production and slightly lower prices
