Nigeria needs 5x current growth rate to hit $1trn economy by 2030 —World Bank

The World Bank has warned that Nigeria’s current economic growth rate of 3.5 percent is far below what is required to meet the government’s ambition of building a $1 trillion economy by 2030. To achieve this target, the economy must grow at a pace five times faster than its present rate, according to the Bank’s latest assessment.

The projection underscored the scale of the challenge facing Africa’s largest economy, as it grapples with persistent structural bottlenecks, rising debt levels, and sluggish productivity growth. The World Bank stressed that while recent macroeconomic reforms—such as efforts to unify the exchange rate and cut fuel subsidies—are positive steps, they are not sufficient on their own to deliver the fast, sustained, and inclusive growth needed.

“Macroeconomic reforms are necessary, but they must be complemented by deeper structural changes that enhance productivity, attract investment, and create jobs,” the Bank stated. It emphasized the need for improvements in infrastructure, governance, human capital development, and the overall business environment.

The warning comes at a time when Nigeria continues to face mounting pressures, including high inflation, weak industrial output, and volatile oil revenues—its primary foreign exchange earner. Analysts argue that without strong and consistent policy implementation, the target of a $1 trillion economy by 2030 may remain out of reach.

The World Bank’s outlook serves as a call to action for policymakers to not only stabilise the macroeconomic environment but also double down on long-term reforms that drive private sector-led growth and improve living standards for millions of Nigerians.

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