US EditionNews24 | Nigeria sees highest growth in 10 years - World Bank report
- The World Bank reported on Monday in Abuja that Nigeria's economy grew 3.4% in 2024, the highest rate since 2014 excluding the COVID rebound.
- This growth followed President Bola Tinubu's tough reforms starting May 2023, which aimed to restore macroeconomic stability despite high inflation and poverty levels.
- The growth mainly came from oil, gas, technology, and finance sectors, while agriculture struggled due to insecurity and high input costs in the Middle Belt.
- Inflation is forecast to remain high at 22.1% on average in 2025, with Tinubu stating he made "tough decision" so Nigeria could grow amid a worsening cost-of-living crisis.
- The World Bank warned that Nigeria must pursue faster and more inclusive growth that creates jobs and reduces poverty, emphasizing closing gaps in human capital and social protection.
20 Articles
20 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.
Nigeria’s Economy Grows Strongly Amid High Inflation — World Bank - Thepodiummedia
The World Bank has said that Nigeria’s economy recorded its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position. During a presentation on Monday, the bank’s lead economist for Nigeria, Alex Sienaert, said Nigeria’s economy grew by 4.6% year-on-year in the fourth quarter of 2024. Quoting high-frequency business indicators, he said the economy continued to expand in early 2025. He, however, …
Hardship: Nigerian economy in good shape, grows by 3.4% – World Bank
The World Bank says Nigeria’s economy is in good shape as it grew by 3.4 percent in 2024 amid high prices. Taimur Samad, the World Bank’s Acting Country Director for Nigeria, disclosed this in his unveiling of the Nigeria Development Update (NDU) in Abuja on Monday. According tom, the Nigerian economy is improving due to the country’s commitment to sustained reforms. He justified his position on improved economic reforms such as a stable ex…
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