Nigeria’s Economy on the Rise but Inflation remains a concern says World Bank

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The World Bank has reported that Nigeria’s economy grew at its fastest rate in a decade last year, thanks to government reforms. According to the bank’s latest Nigeria Development Update (NDU), the country’s real GDP increased by 4.6% year-on-year in Q4 2024, pushing full-year growth to 3.4%—the highest since 2014 (excluding the 2021-2022 COVID-19 rebound).

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The growth was driven primarily by the oil and gas sector, as well as strong performance in the tech and finance industries. However, the agriculture sector grew at a slow pace of 1.2% due to insecurity in the Middle Belt and high input costs. The World Bank forecasts Nigeria’s economy to expand at a “mildly higher” rate of 3.7% this year

Despite the growth, inflation remains a concern, with the bank noting it has remained “high and sticky.” Inflation is expected to average 22.1% in 2025. Taimur Samad, acting World Bank country director for Nigeria, said, “Nigeria has made impressive strides to restore macroeconomic stability.”

The economic growth is attributed to the reforms introduced by President Bola Ahmed Tinubu, who took office in May 2023 and embarked on a deep economic reform program. While the measures were deemed necessary by the government and international financial institutions, they have come at a cost for many ordinary Nigerians, who are facing a severe cost-of-living crisis

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