Nigeria, other developing countries can achieve 10 per cent economic growth – World Bank

The World Bank has said that Nigeria and other developing countries can achieve a 10 per cent growth rate like China.

The Washington-based bank stated that for seamless growth in Nigeria, the incoming government must tackle insecurity, ensure diversification away from crude oil, solve the problem of dual foreign exchange markets and reduce inflation.

On Thursday, the President of the World Bank, David Malpass, disclosed this at a press briefing in the ongoing Spring Meetings of the Bretton Woods institutions in Washington.

World Bank had forecasted 2.8 per cent growth for Nigeria in 2023, a drop from the 3.3 per cent forecast in the prior year.

Malpass explained that developing countries like Nigeria could achieve the feat of China and India in terms of economic growth acceleration.

However, it stated that the incoming government of Bola Ahmed Tinubu should work towards addressing insecurity, harmonizing the foreign exchange market, and creating a deep-rooted diversification agenda and monetary policy required to cut down the Country’s inflation.

“Nigeria has trade protection that blocks market development; they have a dual exchange rate that is very expensive for the people of Nigeria; they have high inflation and not enough diversification of the economy to make sufficient progress.

“Showing up like China, developing countries can grow at a 10 per cent rate and catch up with advanced economies in years and decades”, he stated.