The World Bank Group (WBG) has provided a comprehensive list of challenges that the new leadership of the Federal Government must address immediately. The WBG President, David Malpass, highlighted the need for economic growth to be sustained in Nigeria, while forecasting a growth rate of 2.8 percent for 2023, a drop from its earlier projection of 2.9 percent. Malpass emphasized the need for shared prosperity in a sustainable way and the importance of making changes to improve the economic system in Nigeria.
Malpass noted that Nigeria faces significant challenges, including the high dependency on the oil sector for GDP, which has resulted in poverty due to global challenges in the sector, insecurity in the northern regions, trade protection that blocks market development, a dual exchange rate that is very expensive, high inflation, and a lack of diversification of the economy.
Malpass also discussed the broader perspective of African economies, stating that the true success of the World Bank would be achieved if countries in Africa can create an environment where their people can thrive. Malpass expressed hope for breaking through the debt overhang and structural blockages in many developing countries, which have caused a slow down over the decade, and encouraged the adoption of policies that will generate faster growth, improve access to clean water and electricity, and increase investment in agriculture.