Nigeria’s economy rebounds strongly, report shows
…as GDP, per capita income post strongest growth in over a decade …reforms driving rising investor confidence, says Presidency Nigeria’s economy is on a recovery path after years of stagnation,
...as GDP, per capita income post strongest growth in over a decade
...reforms driving rising investor confidence, says Presidency
Nigeria’s economy is on a recovery path after years of stagnation, with strong gains in output and per capita income recorded over the past two years, a new report by Quartus Economics has revealed.
The report, obtained by The Nation at the weekend, concluded that “Nigeria is rising,” citing significant improvements in key macroeconomic indicators and relative performance against regional and global peers.
According to the study, Nigeria recorded cumulative Gross Domestic Product (GDP) growth of 8.34 per cent between 2024 and 2025, the highest two-year expansion in more than a decade, outpacing population growth estimated at less than 4.4 per cent.
This marks a sharp reversal from the 2020–2023 period, when GDP growth stood at a modest 0.97 per cent against a population increase of 8.78 per cent, resulting in a steep decline in living standards.
“The implication is profound even if not yet acknowledged: GDP per capita shrank 21 per cent in 2020–23, but rose 19.5 per cent in 2025,” the report noted.
In dollar terms, Nigeria’s GDP climbed from $252 billion in 2024 (after rebasing) to $307.5 billion in 2025, representing a 22 per cent increase. Per capita GDP also rose by 19.5 per cent to $1,295 within the same period.
The report further highlighted Nigeria’s improving position relative to key benchmarks, noting that the country accounted for 14.4 per cent of Sub-Saharan Africa’s GDP in 2025, up from about 13 per cent in 2024.
It added that Nigeria’s per capita GDP rose to 72 per cent of the regional average in 2025, compared to 67 per cent the previous year, while its standing among selected emerging markets and major African economies also improved significantly.
“We can confirm that the economy is back on track. Yet growth still needs to be accelerated and become even more broad-based. The country must make 2026 also pay its dues and yield its own harvest,” the report stated.
Reacting, the Presidency said the positive trajectory reflects the impact of bold reforms introduced by President Bola Ahmed Tinubu since assuming office.
Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, said the administration’s policy decisions across key sectors have repositioned the economy for sustainable growth.
“Nigeria is indeed rising under President Bola Tinubu. He engineered the boldest economic reforms across key sectors of the economy the country has ever seen in the last 50 years, and it is not by happenstance that the economy is responding positively,” Ajayi said.
He added that Nigeria’s fiscal position has improved markedly compared to three years ago, with macroeconomic indicators previously in decline now showing signs of recovery.
“All the macroeconomic indicators that were in red before President Tinubu assumed office are now turning green. Local and international confidence in the economy have gone high up. More and new investments are coming into the real sectors,” he said.
Ajayi disclosed that the oil sector alone has attracted over $8 billion in new investments from international oil companies, while manufacturing activities are expanding, positioning Nigeria as a refining hub for petroleum products in Africa.
“These positives that are now being recognized by local and international organizations and think-tanks are products of deliberate policy choices, many of them very hard and difficult ones,” he added.
The presidential aide noted that the administration remains focused on deepening reforms to ensure that economic gains translate into improved living conditions for Nigerians.
“President Tinubu has always recognized that more needs to be done to ensure the gains drill down to all Nigerians at the micro-level for a better living condition,” Ajayi said, adding that the government would also sustain efforts to address lingering security challenges.
