Nigeria’s economic recovery threatened by slow pace of reforms, World Bank says

The World Bank in its Nigeria Development update report says the country’s economic recovery is threatened by the slow pace of reforms.

The Bank has projected economic growth of 1.8 percent this year which is an increase compared to a previous estimate of 1.2 percent.

However, it warned that the economy will continue to grow slower than the pace of population growth of 2.6 percent unless it implements deep reforms.

This means the economy would not create enough opportunities to accommodate its fast-rising population, a sign of worsening poverty levels.

Read Also: Nigeria can be blessing to Africa but its cratering economy may become the continent’s biggest threat

Already, Nigeria has recorded a negative Per Capita GDP growth rate in the last six years.

Fuel and electricity reforms rank high in the World Bank’s list of priority reforms. The Washington-based lender also urged the government to implement policies that can help reduce rising inflation which is tipped to push an additional 7 million Nigerians into poverty this year.