To support Nigeria’s ambition of building a $1 trillion economy by 2030, the World Bank has outlined a four-point strategy focused on accelerating growth, creating jobs, and reducing poverty through a private sector-led, public sector-driven approach.
The recommendations were contained in the Nigeria Development Update (NDU) for May 2025, released on Monday.
“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,” the report stated.
While sectors like finance and ICT are currently driving growth, the World Bank noted they are not significant sources of employment, as a large portion of Nigerians lack the skills and opportunities to benefit from them.
The World Bank said, “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.
The World Bank stressed that inclusive and sustainable growth must be anchored on private sector participation, supported by effective public sector policies. It recommended addressing major infrastructure gaps such as electricity and transportation, fostering healthy competition and market openness, and improving the business environment to drive business dynamism.
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It also emphasized the need to improve access to finance for new and existing firms and to strengthen policies in key sectors to unlock their full potential.
“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, the world bank said further.
While commenting on the report, World Bank Lead Economist for Nigeria, Alex Sienaert, 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.”
