World Bank Forecasts More Growth for Nigeria
The federal and state governments need to improve cooperation and policy coordination in a few key areas to support the nation’s launch into rapid diversified growth and job creation.
This recommendation is contained in the World Bank’s Nigeria Economic Report which was launched in Abuja on Monday.
According
to the report, key areas including macroeconomic management,
coordinated policies to enhance market connectivity and improve public
services should be focused on.
Economists
at the World Bank believes Nigeria’s short-term macroeconomic outlook
looks generally strong, with the likelihood of higher growth, lower
inflation, and reserve accumulation which will present the government
with an opportunity to make progress in key reforms and public
investments associated with the transformation agenda.
As
part of its forecast, the group also suggests that Nigeria should build
its fiscal reserve to protect the country from oil price volatility in
the event the price of the commodity rises.
