Nigeria's Gross Domestic Product (GDP) shows signs of recovery as the fourth quarter of 2024 indicates a growth rate of 3.84%, a noticeable increase from the 3.46% recorded in the same period a year prior. This uptick comes as encouraging news for one of Africa's largest economies, suggesting resilience amid complex global economic conditions.
This year-over-year comparison highlights a strengthened economic climate as Nigeria closed out the year, despite challenges that have faced the region, including fluctuating oil prices and global market turbulence. The rise in GDP may reflect improved sectors such as agriculture, manufacturing, and services, which benefited from both domestic and international demand.
The updated data, released on February 25, 2025, suggests an optimistic trajectory for Nigeria as it navigates the coming year. Economic stakeholders will be watching closely, as the country seeks to maintain this upward momentum while managing potential hurdles posed by the external economic environment. With continued structural reforms and strategic investments, Nigeria has an opportunity to build on this growth, improve living standards, and bolster its position in the global economy.
