Nigeria's economy grew for the sixth consecutive quarter in the first quarter of 2022, with non-oil sectors helping the country rebound from a severe recession caused by the COVID-19 pandemic, according to World Bank data.

The World Bank said it now expects Nigeria's growth in 2022 to be equal to last year's growth of 3.4 percent, revised up from a previous estimate of 2.8 percent in November. She said the growth outlook had improved for the next three years, but other aspects of Nigeria's overall economic situation were deteriorating, noting that the gasoline subsidy was a concern.

According to the government, rising oil prices could increase the cost of the program to 4 trillion naira ($9.6 billion) this year, up from the previously budgeted 443 billion naira, assuming the subsidy is removed in the first six months. In November, the creditor said Nigeria must end its costly gasoline subsidy within three to six months, improve exchange rate management and accelerate other reforms to boost growth.