Nigeria: Growth accelerates in the first quarter of 2025

Nigeria  shows an economic upturn at the start of the year. According to the National Bureau of Statistics, GDP grew by 3.13% in the first quarter of 2025, compared to 2.27% in the same period in 2024. This performance comes amid a revision of national accounts to more accurately reflect the current structure of the economy.

The oil sector, the historical engine of the Nigerian economy, rebounded slightly with production of 1.6 million barrels per day, up from 1.57 million last year.Another positive sign: the World Bank forecasts a decline in inflation to 22.1% by the end of 2025, compared to over 25% last year, although the level remains high for households.

This growth follows the reforms initiated by President Bola Tinubu since 2023: the elimination of fuel subsidies and the devaluation of the naira. While these measures initially sparked social tensions, they are beginning to produce structural effects on the economy.

The challenge for Nigeria now remains to stabilize prices, restore investor confidence, and support purchasing power, in a country of over 200 million inhabitants where the informal economy is a significant factor.

source: africa news