Abuja: The pace of growth in Nigeria needs to accelerate further to meet its aspirations and deliver poverty reduction and shared prosperity. The economy would need to grow about five times faster than its recent pace to achieve a $1 trillion economy by 2030. Since the last edition of the Nigeria Development Update (NDU) in October 2024, economic developments in Nigeria have been broadly positive, helped by the government staying the course in maintaining an appropriate macroeconomic policy mix. Now, the challenge is to consolidate macroeconomic stability and ignite inclusive growth through deeper, wider structural reforms.
According to World Bank, Part 1 of the report provides a summary of recent economic developments in Nigeria and updates the outlook through 2027. Part 2 of this edition assesses how to build on the progress being made towards macroeconomic stability. It describes the scale of Nigeria’s inclusive growth challenge and offers reform suggestions which could help make 2025 a break-out year for
Nigeria’s economic performance.
The Nigeria Development Update (NDU) is a biannual World Bank report series. The NDU assesses recent economic and social developments and prospects in Nigeria, and places these in a longer-term and global context. It also provides an in-depth examination of selected economic and policy issues and an analysis of Nigeria’s medium-term development challenges. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in Nigeria’s evolving economy.