…Growth is testament of renewed hope reforms- Wale Edun
Nigeria’s economy has recorded its highest growth rate in three years, driven by a robust expansion in the services sector and ongoing efforts to bolster food security, according to the latest data released by the National Bureau of Statistics (NBS).
The country’s Gross Domestic Product (GDP) grew by 3.84 percent year-on-year in the fourth quarter of 2024, up from 3.46 percent in the previous quarter, marking the fastest pace of growth since 2021.
The growth, which surpassed the median estimate of 3.1 percent in a Bloomberg survey of economists, reflects the positive impact of the government’s ongoing economic reforms.
Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, welcomed the latest GDP figures, describing them as a testament to the resilience of the Nigerian economy and the effectiveness of President Bola Tinubu’s Renewed Hope Agenda.
“These growth figures are a testament to the resilience of the Nigerian economy and the effectiveness of President Bola Tinubu’s Renewed Hope Agenda, which prioritises macroeconomic stability, investment in critical sectors, and youth empowerment,” Edun said.
Edun stated. “The expansion of the services sector, in particular, demonstrates the impact of policies designed to unlock private sector potential, attract foreign investment, and create jobs.”
The annual GDP growth for 2024 reached 3.4percent, a notable improvement from 2.7percent in 2023.
This growth trajectory was further supported by stabilising inflation, growing foreign reserves, and a narrowing budget deficit. These macroeconomic improvements have laid a solid foundation for sustained economic expansion in the years ahead.
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Edun also highlighted the importance of the government’s direct benefit transfer scheme, which aims to ensure that economic growth translates into tangible improvements in the lives of Nigerians.
“Our continued commitment and determination to reach benefitting households under the direct benefit transfers scheme are central to ensuring that economic growth translates into improved livelihoods for all Nigerians,” he said.
President Bola Tinubu implemented bold reforms in the first months of his administration to try to finally unleash the country’s full economic potential.
Last year, the World Bank said Nigeria was beginning to reap the benefits of the policy reforms.
As Africa’s largest economy continues to diversify away from its reliance on oil exports, the strong performance of the services sector offers a glimmer of hope for sustained growth.
Collaboration To Boost Food Security
Edun during a meeting with the Belgian Ambassador, Pieter Leenknegt in Abuja, said Nigeria will strengthen ties with Belgium to explore economic opportunities for the enhancement of Agriculture and Food Security in the country.
During the diplomatic talk, the minister highlighted Nigeria’s improving economic outlook, noting declining inflation, stabilising prices, and increased savings in the federation account.
Edun also reiterated President Bola Ahmed Tinubu’s commitment to key macroeconomic reforms, acknowledging however, the initial impact on the cost of living. He assured that the measures are already yielding positive results.
The minister emphasised the government’s focus on supporting farmers through favourable policies to boost agricultural productivity.
Speaking earlier, Ambassador Leenknegt expressed Belgium’s interest in deepening economic relations, with both parties pledging continued collaboration for mutual benefit.
The meeting marks a significant step towards strengthening economic ties between Nigeria and Belgium.
As the two countries continue to explore opportunities for cooperation, we look forward to a brighter future for both nations.
