The World Bank has said that Nigeria's economy will grow this year The World Bank has said that Nigeria will be able to bring in 3.9 t...

 

The World Bank has said that Nigeria's economy will grow this year

The World Bank has said that Nigeria will be able to bring in 3.9 trillion naira just this year. This is because the government has made changes to its economic system, taken steps to make it easier to exchange foreign currencies, and stopped subsidising fuel.

Alex Sienaert, who is the head of the World Bank in Nigeria, said this in Abuja when he was giving a talk about economic problems.

The World Bank predicts that Nigeria's economy will grow by 3.3% this year and by 3.7% by 2024.

Shortly after he was sworn in as president, Bola Ahmed Tinubu said that fuel subsidies would no longer be paid. Statistics show that this programme cost the government 10 billion dollars just last year. A few weeks after oil handouts were taken away, Tinubu's government switched to a single foreign exchange system. This made one US dollar worth more than 700 naira.

But even though the World Bank liked what Nigeria was doing, it warned that the country would have to deal with inflation, which it said was a short problem because things would get better in the future.