Building Momentum for Inclusive Growth

May 12, 2025--Nigeria's macroeconomic situation is improving as a result of sustained reforms according to the latest edition of the Nigeria Development Update (NDU) report released today.
The report, titled "Building Momentum for Inclusive Growth," shows that economic growth in the last quarter of 2024 increased to 4.6% (year-on-year), pushing growth for the full year 2024 to 3.4%, the highest since 2014 (excluding the 2021-2022 COVID-19 rebound).

Recent reforms have also helped to strengthen the foreign exchange (FX) market and Nigeria's external position. The consolidated fiscal position improved in 2024, driven by surging revenues. The fiscal deficit shrank from 5.4% of GDP in 2023 to 3.0% of GDP in 2024, a major improvement which was driven by a sharp increase in revenues of the entire Federation, which rose from N16.8 trillion in 2023 (7.2% of GDP) to an estimated N31.9 trillion in 2024 (11.5% of GDP). This is according to the latest edition of the Nigeria Development Update (NDU) Report.