Nigeria’s economy grew at its fastest pace in three years, posting a 3.84 /percent year-over-year increase in the fourth quarter of 2024, according to the National Bureau of Statistics (NBS). This performance marks a significant rebound from the previous quarter, which saw a growth rate of 3.46 /percent, underscoring the continued momentum of the country’s economic recovery.
The overall GDP growth for 2024 reached 3.4 /percent, up from 2.7 /percent in 2023, with the services sector being the primary driver of this positive trend. The expansion of key industries within the services sector, such as finance, telecommunications, and trade, has provided a solid foundation for Nigeria’s economic growth amidst ongoing global challenges.
Wale Edun, Nigeria’s Finance Minister and Coordinating Minister of the Economy, expressed his satisfaction with the latest figures, highlighting the country’s resilience and the impact of President Bola Tinubu’s Renewed Hope Agenda. Edun praised the progress in diversifying the economy, particularly through strategic investments aimed at enhancing food security.
“The continued growth momentum, both quarterly and annually, showcases the strength of Nigeria’s economy and the effectiveness of the current government’s policies,” said Edun. He emphasized that initiatives like the direct benefit transfers scheme are crucial in translating economic growth into tangible improvements in the livelihoods of Nigerians.
Agricultural investments aimed at strengthening food security are beginning to show positive results, with the government’s focus on fostering long-term, inclusive growth. These efforts align with Nigeria’s broader economic strategy to ensure that all sectors of society benefit from the nation’s economic advancements.
According to the World Bank, sustained macroeconomic reforms are crucial for establishing a robust foundation for long-term growth and poverty reduction. The Bank has called for further structural reforms to bolster Nigeria’s international competitiveness and enhance its appeal to both domestic and foreign investors.
Ongoing fiscal reforms are already showing positive outcomes, reducing debt-related risks and providing more fiscal space for government spending. These efforts are expected to boost investor confidence, stimulate job creation, and contribute to Nigeria’s continued economic expansion in the years to come.
As Nigeria charts its path toward sustained growth, the federal government remains committed to policies that foster a competitive, inclusive, and resilient economy.