NIGERIA AND OTHER POOR COUNTRIES MAY ATTAIN 10% ECONOMIC GROWTH, ACCORDING TO THE WORLD BANK

According to the World Bank, Nigeria and other emerging countries can achieve a 10% growth rate like China.

According to the Washington-based bank, for Nigeria to experience continuous growth, the new government must address insecurity, diversify away from crude oil, solve the problem of dual foreign exchange markets, and cut inflation.

On Thursday, World Bank President David Malpass announced this at a news conference during the ongoing Spring Meetings of the Bretton Woods institutions in Washington.

The World Bank anticipated 2.8 percent growth in Nigeria in 2023, down from 3.3 percent the previous year.

Malpass stated that developing countries such as Nigeria might emulate China and India in terms of economic growth acceleration.

It did, however, state that the new government of Bola Ahmed Tinubu should focus on tackling insecurity, harmonizing the foreign exchange market, and developing a deep-rooted diversification program and monetary policy to reduce 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.