In 2024, Nigeria's GDP growth reached 3.4%, the highest since 2014, attributed mainly to the recovery in the oil and gas sectors along with a surge in technology and finance. The World Bank anticipates a slight increase in economic growth to 3.7% in 2025. However, the agricultural sector is struggling amid ongoing insecurity in the Middle Belt, affecting food production and exacerbating inflation. President Bola Tinubu's significant economic reforms have been praised, although they have led to increased hardships for many Nigerians, highlighting the country's challenges in balancing growth and poverty reduction.
The World Bank reported a 3.4% growth in Nigeria's GDP for 2024, the highest since 2014, primarily driven by oil and gas sector recovery.
Despite the optimistic GDP growth, the agriculture sector suffers slow growth due to insecurity in the Middle Belt, impacting inflation negatively.
President Bola Tinubu's economic reforms, which included ending petrol subsidies and devaluing the naira, were described as "tough decisions" necessary for Nigeria's growth.
While the economy shows signs of recovery, the International Monetary Fund warns of high poverty levels despite government reforms.
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