Nigeria, other African countries’ economies to grow by 3.4% – World Bank

The World Bank has projected increased growth in Nigeria and other African economies to 3.4 per cent in 2024 and 3.8 per cent in 2025 from 2.6 per cent in 2023.

The Washinton-based development bank disclosed this in its Africa’s Pulse Report on Tuesday.

The report said increased private consumption and declining inflation were supporting an economic rebound in Sub-Saharan Africa.

The report, however, said the recovery remained fragile due to uncertain global economic conditions, growing debt service obligations, frequent natural disasters, and escalating conflict and violence.

“However, this recovery remains tenuous. While inflation is cooling across most economies, falling from a median of 7.1 to 5.1 per cent in 2024, it remains high compared to pre-COVID-19 pandemic levels.