Nigeria Marks its Strongest GDP Growth in Three Years
In the fourth quarter of 2024, Nigeria’s GDP grew by 3.84% year-on-year, its strongest growth in three years. This rebound is largely due to the 5.37% growth in the service sector, increasing the full-year growth to 3.40%, up from 2.74% in 2023. While this impressive performance is not enough for President Tinubu’s ambitious 6% target, it highlights significant improvements in several key sectors. For example, the country’s agricultural sector grew 1.76% year-on-year, while its industrial output rose 2.00%. Nigeria plans to re-plan growth in areas such as marine economy, tourism, IT and e-commerce, and Nigeria is positioning for further progress. Meanwhile, the International Monetary Fund predicts that West African countries’ GDP will grow by 3.2% in 2025.
source: African
