Nigeria, May 13 -- The pace of growth in Nigeria needs to accelerate further to meet its $1 trillion economy aspiration and deliver poverty reduction and shared prosperity, the World Bank has said.

The bank said the economy would need to grow at a rate about five times higher than recently to achieve a US$1 trillion economy by 2030, which is the Nigerian government's aspiration.

President Bola Tinubu had earlier announced the country's target of growing the economy to $1 trillion within the next eight years, a goal likely to depend on how well domestic financial institutions can mobilise and allocate capital.

In line with that mandate, the Central Bank of Nigeria reiterated earlier in the year that the ongoing banking sector recapitali...