The World Bank on Tuesday confirmed its economic growth forecast of 3.3 percent for Nigeria in 2024, noting that the nation’s economy showed moderate resilience in the early part of the year despite undergoing macroeconomic adjustments.
The report stated: “Growth in Sub-Saharan Africa (SSA) slowed to 3.0 percent in 2023. The region’s three largest economies—Nigeria, South Africa, and Angola—continued to experience weak growth. Still, in early 2024, private sector activity increased, supported by a strengthening global economy.”
Many economies in Africa continue to struggle with weak government balance sheets, partly due to low revenue collection and high debt-service costs, while also managing the adverse effects of currency depreciations. In Nigeria, growth slowed to 2.9 percent in 2023. Despite ongoing macroeconomic adjustments, the economy showed mild buoyancy in early 2024.
However, the World Bank has revised its 2025 economic growth forecast for Nigeria down to 3.5 percent from the 3.7 percent projected in January.
Similarly, the World Bank lowered its 2024 economic growth forecast for Sub-Saharan Africa to 3.0 percent, down from the 3.8 percent projected in January.
Growth in the region’s three largest economies is expected to increase from 1.8 percent in 2023 to 2.4 percent in 2024 and to an average of 2.6 percent in 2025-26. However, this remains significantly below the region’s average growth rate.