The World Bank says Nigeria’s economy is on track to grow by 3.6 percent in 2025, showing resilience even as global economic prospects weaken due to trade tensions and uncertainty.
In its latest Global Economic Prospects report released Tuesday, the Bank downgraded growth projections for nearly 70 percent of the world’s economies—including heavyweights like the US, China, and Europe. Global growth is now forecast at 2.3 percent in 2025, down 0.4 percentage points.
But for Nigeria, the outlook remains positive. The World Bank attributes this to macroeconomic reforms improving the business climate and encouraging investment. The services sector, especially financial services and ICT, is expected to drive growth, though crude oil output remains a drag on the industrial sector.
Crucially for Sub-Saharan Africa—including the oil-rich Niger Delta—the report notes that the direct impact of global trade wars may be limited, given the region’s low trade exposure to major economies. However, a global downturn could still hurt demand for commodities like crude oil and minerals, a key concern for states like Rivers and Bayelsa.
Despite the hopeful projections, the Bank warns that economic growth per person remains too slow to make a real dent in poverty. With per capita income rising just 1.6 percent annually through 2027, and a fast-growing youth population, more must be done to create jobs and tackle insecurity.
The World Bank urges African policymakers to push ahead with reforms, address bottlenecks, and ensure that economic gains translate into better living standards for citizens.
