World Bank’s lead economist for Nigeria, Alex Sienaert, has revealed that the economy expanded by 4.6% year-on-year in Q4 2024. He added that early indicators showed continued growth into 2025.
Nigeria’s economy recorded its strongest growth in nearly ten years in 2024, driven by a robust fourth quarter and improved government finances, according to the World Bank.
The main concerns is however, high inflation.
Annual inflation fell to 23.18% in February 2025—the lowest since June 2023—from 24.48% in January. Food inflation also dropped to 23.51%, its lowest since September 2022. However, core inflation rose to 24.43% from 23.01%, and monthly consumer prices jumped by 3.90% in March, up from 2.04% in February.