Nigeria: Record growth of 3.84% in the fourth quarter of 2024

The West African country  Nigeria,  recorded its fastest economic growth for three years, with GDP rising by 3.84% in the fourth quarter of 2024.

A performance which was driven by the services sector, which grew by 5.37%, while industry and agriculture rose by 2% and 1.76% respectively.

For 2024 as a whole, GDP growth is expected to be 3.40%, compared with 2.74% in 2023, exceeding forecasts. However, this growth is still below the 6% target set by President Bola Tinubu. To reinforce this momentum, Nigeria plans to rebase its GDP data to better reflect developments in key sectors such as information technology, digital trade and the maritime economy.

The IMF anticipates growth of 3.2% in 2025, underlining the importance of structural reforms and improved data collection to support the Nigerian economy.