Nigeria Records Fastest Economic Growth in a Decade, Expanding 4.6% in Q4 2024
Driven by the resurgence of the oil sector and robust tech and finance sectors, Nigerias GDP grew 4.6% year over year in Q4 2024, marking its best gro
Driven by the resurgence of the oil sector and robust tech and finance sectors, Nigerias GDP grew 4.6% year over year in Q4 2024, marking its best growth in a decade. In 2025, the World Bank forecasts 3.6% GDP growth, but cautions that high inflation is still a problem. Reforms implemented by President Bola Tinubu, such as the elimination of fuel subsidies, depreciation of the naira, and power outages, have restored budgetary stability but raised pressures on the expense of living. Over $37 billion in foreign reserves protect Nigeria from outside fluctuations. Helped by increased tax collections and remittances, the budget deficit decreased from 5.4% of GDP in 2023 to 3% of GDP in 2024.
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B2B Tech News | 2 days ago