The World Bank has unveiled a four points strategy to accelerate economic growth, create more and better jobs in Nigeria.
The strategy was contained in the Nigeria Development Update May 2025 report released today.
The World Bank noted that such a strategy which must be private sector-led and public sector driven is needed to achieve the $1trillion economy aspiration of the government.
The World Bank stated: “In order for the economy to meet the government’s aspiration of achieving a $1 trillion economy by 2030 and deliver poverty reduction and shared prosperity, the pace of growth needs to accelerate further and its composition rebalanced towards those economic sectors and firms that are most productive, generate positive spillovers, and create jobs and opportunities at scale, especially for the poor and economically insecure.
At present, the best-performing sectors of the economy, like finance and ICT, are important drivers of growth but are not sources of mass employment as many Nigerians do not yet have the skills and opportunities to participate in them.
A private sector-led, public sector-facilitated growth strategy can boost inclusive growth. Key elements of this strategy to include:
Addressing major infrastructure gaps, such as in electricity and transportation;
Fostering healthy competition, market openness, and improving the business environment to spur business dynamism;
Improving access to finance for new and existing firms to grow and improve productivity;
Improving policies in key sectors to help unleash the potential of these sectors.”
Commenting, Alex Sienaert, World Bank Lead Economist for Nigeria, said: “International experience suggests that the public sector cannot sustainably generate growth and jobs by itself. Nigeria is no exception, particularly since public resources remain constrained.
A useful strategy is to position the public sector to play a dual role as a provider of essential public services, especially to build human capital and infrastructure, and as an enabler for the private sector to invest, innovate, and grow the economy,”
