Nigeria’s Economy Exceeds Expectations with 3.46% Growth in Q3 2024 – Africa.com
Nigeria’s economy grew 3.46% in the third quarter, driven by rapid expansion in the services sector, a notable rebound under President Bola Tinubu. The increase brings respite to Tinubu, which has faced economic instability since fuel subsidies were scrapped last year. The unpopular move sent fuel prices soaring, exacerbating already high inflation and triggering protests across the country. Still, experts believe his reforms have put the country’s economy on the right track. They believe the expansion of other non-oil sectors such as telecommunications and financial services will put the West African country on a more stable economic footing. Despite these advances, oil production remains the cornerstone, with the 2025 budget targeting increased crude oil production from a baseline of $75 per barrel. At the same time, the government is encouraging citizens to switch their vehicles to natural gas, arguing that this can ultimately reduce transportation costs by 50%.
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