Nigeria’s economy grew by 3.84% in the fourth quarter of 2024, marking the country’s fastest expansion in three years, according to new data from the National Bureau of Statistics (NBS).
The figures also show an annual growth rate of 3.4% for 2024, up from 2.7% in the previous year.
Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, described the GDP growth as a testament to the resilience of the economy and the success of President Bola Tinubu’s Renewed Hope Agenda.
In a statement released on Tuesday, Edun credited the expansion to government policies aimed at strengthening key sectors such as services and agriculture.
“We are pleased to see the continued growth momentum, both from a quarterly and annual standpoint,” he said. “It reflects the impact of our economic policies and ongoing efforts to strengthen key sectors, particularly services and agriculture.”
The minister highlighted the federal government’s initiatives to improve food security and boost livelihoods, including targeted programmes such as the direct benefit transfers scheme.
Despite the positive economic indicators, many Nigerians continue to grapple with inflation and rising living costs. Analysts say the government’s ability to translate economic growth into tangible benefits for ordinary citizens will be crucial in the coming months.
Edun reaffirmed the government’s commitment to sustainable and inclusive growth.
“As Nigeria continues on its path of economic development, we remain committed to implementing policies and initiatives that improve the lives of all Nigerians,” he said.