Ogbodo Ozioma Favour
Financial analyst Mr Olatunde Oluwatuyi believes that Nigeria’s projected 3.3 per cent economic growth for 2024, as forecasted by the World Bank, is conservative but achievable.
The World Bank’s report for the Sub-Saharan Africa (SSA) region, which includes Nigeria, indicates a projected growth of 3.3% for this year and 3.7% in 2025, up 0.3 and 0.6 percentage points, respectively, since June.
In an exclusive interview with the African Health Report, Oluwatuyi, expressed his belief that the projected growth is not considerably high, representing only a 0.4% increase from the previous year’s projection.
He, however, highlighted that it is still a conservative projection and one that is very achievable by Nigeria.
Oluwatuyi credited the removal of fuel subsidies and the unification of the exchange rate as factors contributing to an improvement in government revenue. Stating, “Looking at the 2024 budget comparatively, we realize that it’s far better when it comes to the money allocated for each sector. The education sector, for example, witnessed a rise from 1.8 trillion to 2.3 trillion, demonstrating a commitment to investing in crucial areas. Similar increases were observed in the agricultural sector, which is expected to stimulate more activities in the system and improve performance.”
