Nigeria's Sustained Reforms Spark Strongest Growth in Decade Amid Inflation Challenge
16:34 13.05.2025 (Updated: 18:03 13.05.2025)
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Nigeria's Sustained Reforms Spark Strongest Growth in Decade Amid Inflation Challenge
The economy grew 4.6% year-on-year in Q4 2024, with full-year growth reaching 3.4% — the highest since 2014 (excluding pandemic years), the World Bank said in its latest report.
Key achievements:
⦁ Fiscal deficit dropped from 5.4% of GDP in 2023 to 3.0% in 2024.
⦁ Federal revenue nearly doubled — from $10.49 billion (7.2% of GDP) in 2023 to $19.91 billion (11.5% of GDP) in 2024.
⦁ Reforms strengthened FX market and external balance.
The World Bank expects Nigeria's economy to grow by 3.6% in 2025.
⏭ Key reform priorities to boost further growth:
⦁ closing infrastructure gaps (power, transport);
⦁ improving business climate and competition;
⦁ expanding access to finance for businesses;
⦁ reforming key sectors to unlock productivity and employment potential.
The economy grew 4.6% year-on-year in Q4 2024, with full-year growth reaching 3.4% — the highest since 2014 (excluding pandemic years), the World Bank said in its latest report.
Key achievements:
⦁ Fiscal deficit dropped from 5.4% of GDP in 2023 to 3.0% in 2024.
⦁ Federal revenue nearly doubled — from $10.49 billion (7.2% of GDP) in 2023 to $19.91 billion (11.5% of GDP) in 2024.
⦁ Reforms strengthened FX market and external balance.
The World Bank expects Nigeria's economy to grow by 3.6% in 2025.
⏭ Key reform priorities to boost further growth:
⦁ closing infrastructure gaps (power, transport);
⦁ improving business climate and competition;
⦁ expanding access to finance for businesses;
⦁ reforming key sectors to unlock productivity and employment potential.
