Nigeria’s Economy Rockets to Decade-High Growth: World Bank Hails Reform-Driven Revival

Nigeria’s economy has recorded its highest growth rate in ten years, with GDP expanding by 3.4% in 2024, according to the latest World Bank report. This surge-driven by a strong rebound in the oil and gas sector and robust expansion in technology and financial services-marks a rare turnaround for Africa’s largest economy, which has long struggled to convert natural wealth into sustained development.

 

President Bola Tinubu’s sweeping reforms, including the removal of fuel subsidies, currency devaluation, and improved tax collection, have helped narrow the fiscal deficit and boost government revenues by 45% last year. The World Bank projects growth to rise further to 3.6–3.7% in 2025, provided reforms continue.

 

However, challenges persist: inflation remains above 20%, and poverty levels are still high, particularly as agriculture struggles amid insecurity in the Middle Belt

 

Source: DW, Reuters, Forbes Africa