Nevertheless, poverty remains high and inflation is expected to remain over 20% through the year. The report comes amid a raft of reforms by President Bola Tinubu’s government.
DW
Nigeria‘s gross domestic product (GDP) grew by 3.4% in 2024, the World Bank said in a new report published Monday.
That’s the highest rate of growth since 2014, excluding the 2021-2022 COVID-19 rebound, the bank said.
The acceleration in Nigeria’s GDP growth was driven mainly by a continued oil and gas sector recovery and strong growth in the tech and finance industries, according to the latest Nigeria Development Update.
[NEWS] The latest edition of the #Nigeria Development Update “Building Momentum for Inclusive Growth”, released today, indicates that Nigeria’s macroeconomic situation is improving as a result of sustained reforms: https://t.co/cxR1gTqF3F pic.twitter.com/r8BCNEdDcX
— World Bank Nigeria (@WBG_Nigeria) May 12, 2025
The World Bank expects the rate of growth of Nigeria’s economy to slightly increase in 2025 to 3.7%.
At the same time, the country’s agriculture sector showed slow growth, the bank warned, because of insecurity in the Middle Belt and high input costs.
The Middle Belt refers to a broad sweep of 14 states across the center of Nigeria.
Hundreds of thousands of hectares of farmland have been abandoned there because of ongoing violent clashes, often between farmers and nomadic herdsmen.