Customers shopping at a busy African supermarket with vibrant sale banners and checkout counters.
In the fourth quarter of 2024, Nigeria’s GDP surged by 3.84% year-on-year, marking its strongest growth in three years. This rebound was largely driven by a 5.37% expansion in the services sector, pushing full-year growth to 3.40%, up from 2.74% in 2023. Although this impressive performance falls short of President Tinubu’s ambitious 6% target, it highlights notable improvements across several key sectors. For instance, the country’s agricultural sector expanded by 1.76% year-on-year while its industrial output grew by 2.00%. With plans to rebase GDP figures to capture growth in areas like the marine economy, tourism, IT, and e-commerce, Nigeria is positioning itself for further progress. Meanwhile, the IMF forecasts that the West African nation’s GDP will expand by 3.2% in 2025.
Source: africanews