ABUJA, Nigeria (BG) — Nigeria’s economy grew at its fastest pace in three years, expanding by 3.84% year over year in the fourth quarter of 2024, the National Bureau of Statistics (NBS) said in a report on Tuesday.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, applauded the latest Gross Domestic Product (GDP) figures, highlighting the continued growth momentum.
According to the NBS report, GDP growth in Q4 2024 was up from 3.46% in the previous quarter.
Annual growth reached 3.4% in 2024, compared to 2.7% in 2023. The services sector played a significant role in driving this expansion.
“We are pleased to see the continued growth momentum, both from a quarterly and annual standpoint. It is a true testament to the resilience of the Nigerian economy and the success of President Bola Tinubu’s Renewed Hope Agenda,” Edun said.
The minister emphasized that the expansion of the services sector and efforts to strengthen food security through agricultural investments are yielding positive results.
He added that initiatives such as the direct benefit transfers scheme aim to ensure economic growth translates into improved livelihoods for all Nigerians.
As Nigeria continues its path of economic development, the federal government remains committed to policies and initiatives that promote sustainable and inclusive growth, improving the lives of its citizens.
According to the World Bank, if sustained and expanded, macroeconomic reforms create a new platform to ignite growth and poverty reduction, calling for deep structural reforms.
Ongoing reforms boost international competitiveness, increase Nigeria’s attractiveness for domestic and foreign investments, and have started to reduce debt-related fiscal risks and reopen fiscal space.
