US EditionNigeria Posts Fastest GDP Growth in Decade - World Bank
- Nigeria's economy grew by 3.4 percent in 2024, marking its fastest GDP growth rate in a decade driven mainly by oil, gas, tech, and finance sectors.
- This growth followed President Bola Tinubu's economic reforms after his 2023 election win, which included ending petrol subsidies and devaluing the naira.
- Despite growth, inflation remained high at 22.1 percent and insecurity in the Middle Belt slowed agriculture, causing farmland abandonment and worsening food prices.
- The World Bank said, "The economy has to grow at a faster pace" with inclusive growth to generate jobs and reduce poverty amid a growing youth labor force.
- While Nigeria’s growth shows promise, the country faces urgent challenges in job creation, human capital investment, and social services to achieve sustainable development.
14 Articles
14 Articles
Nigeria recorded its strongest economic growth in 10 years in 2024
According to the World Bank, the increase in gross domestic product (GDP) is mainly due to a recovery in the oil and gas sector, as well as strong growth in the information technology and finance sectors.
European Investment Bank Set to Begin Operations in Nigeria to Boost Research and Development
The European Investment Bank (EIB), the EU’s lending arm for research and development, is preparing to commence operations in Nigeria by July 2025, aiming to foster innovation and economic growth through targeted investments in technology and sustainable development. The initiative, announced on May 12, 2025, in Abuja, marks a significant step in strengthening EU-Nigeria economic ties and supporting Nigeria’s burgeoning tech ecosystem.The EIB’s …
Nigeria Records Fastest Economic Growth in a Decade –World Bank
Nigeria’s economy experienced its fastest growth in nearly ten years in 2024, according to a new World Bank report released on Monday. The growth was largely driven by a strong performance in the fourth quarter and an improved fiscal outlook. However, the World Bank warned that persistently high inflation remains a significant concern. Key reforms implemented by President Bola Tinubu — including the removal of costly petrol subsidies, cuts to el…
Nigeria’s GDP Growth Hits Decade High Of 4.6% In Q4 2024 — World Bank
Nigeria’s economy recorded its fastest quarterly growth in a decade at the end of 2024, according to the World Bank. The country’s GDP rose by 4.6% year-on-year in the fourth quarter (Q4) on the back of stronger fiscal performance, reform momentum and improved macroeconomic indicators. Speaking during a presentation on Monday, the World Bank’s lead […] The post Nigeria’s GDP Growth Hits Decade High of 4.6% in Q4 2024 — World Bank appeared first …
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