World Bank Applauds Nigeria’s Strong GDP Growth, Urges Continued Economic Reforms
The World Bank has praised Nigeria’s recent economic progress, specifically its 3.4% GDP growth in 2024, the strongest since 2014. This positive growth has been attributed to the country’s ongoing economic reforms. The World Bank called for Nigeria to maintain these efforts to achieve inclusive, job-creating growth. The institution’s Vice President for Western and Central Africa, Ousmane Diagana, emphasized the importance of sustaining the momentum, particularly through implementing targeted social protection measures like cash transfers. The World Bank’s commitment to Nigeria, which holds the largest portfolio in Africa, amounts to around $17 billion.
During a visit to Nigeria’s Ministry of Finance in Abuja, Diagana reiterated the bank’s support for President Bola Tinubu’s economic reform agenda. Diagana welcomed Nigeria’s leadership on the Mission 300 initiative, aimed at expanding energy access to 300 million people across Africa. The World Bank also highlighted Nigeria’s significant role in stabilizing the economy and improving portfolio performance, offering continued support for the country’s development priorities.
Finance Minister Wale Edun reaffirmed the Nigerian government’s dedication to economic reforms, particularly focusing on improving project delivery speed and enhancing the country’s social register. He also emphasized the government’s commitment to scaling up biometric verification for 15 million individuals and accelerating the implementation of Mission 300. Collaboration with the World Bank remains key, especially in areas like agricultural productivity, digital transformation, financial inclusion, and access to finance for small and medium enterprises.
In a separate development, Nigeria’s Federation Account Allocation Committee (FAAC) disbursed a total of N1.578 trillion for March 2025, based on a total gross revenue of N2.411 trillion. This allocation covered statutory revenue, VAT revenue, and other contributions, with a significant portion allocated to the federal, state, and local governments. The allocation reflects a rise in petroleum profit tax and companies’ income tax, while other revenue streams, such as oil and gas royalties and VAT, showed a decline.
Source: Arise