The unyielding giant: Nigeria at 65

As Nigeria marks its 65th year of independence on October 1st, 2025, the prevailing narrative gravitates toward tribulation: inflation, currency volatility, security anxieties, and infrastructure deficits. Yet to obsess over trials alone is to miss the forest for the thorns. The Nigerian economy tells a story of resilience and latent potential that refuses to be extinguished. Here are compelling reasons for the measured celebration of Africa’s Giant.

The foundations of economic power

Nigeria’s economy stands as Africa’s largest, with GDP reaching N372.8 trillion in 2024. The economy expanded 3.84 percent in the fourth quarter of 2024, propelled by a services sector that grew 5.37 percent and contributed 57.38 percent to aggregate output. This reveals an economy gradually weaning itself from petroleum dependency, constructing robust alternative pillars for multi-generational prosperity. Non-oil exports reached $5.456 billion in 2024, a 20.79 percent increase, demonstrating that Nigerian products can compete internationally when afforded appropriate policy environments. The agricultural sector’s value surged to N4.44 trillion in 2024 from N1.24 trillion in 2023, creating millions of jobs while positioning Nigeria as a major agricultural exporter. From cocoa producers in the Southwest to sesame cultivators in the Middle Belt, farmers have transformed Nigeria into a competitive agricultural powerhouse. The Nigerian Exchange maintains market capitalisation exceeding N56 trillion with over 150 listed companies. The pension revolution has accumulated over N18 trillion in domestic savings channelled toward productive investment, while the banking consolidation of 2004 created robust financial institutions now operating across Africa.

Read also: Full text of President Bola Tinubu 65th Independence Day speech

Technology and innovation explosion

Lagos’s tech startup ecosystem hosted over 2,000 startups by October 2024, raising over $400 million during the year. The fintech revolution has democratised financial services spectacularly. Paystack processed N1 trillion worth of transactions in July 2024, while one major fintech claims over 50 million users with monthly transaction volumes surpassing $12 billion, fostering 400,000 job opportunities. Nigerian-founded companies like Flutterwave and Interswitch have achieved unicorn valuations, proving world-class technology companies can emerge from Lagos as readily as from Silicon Valley. Nigeria now functions as Africa’s undeniable digital finance leader and the continent’s largest tech talent hub with over 700,000 developers, attracting investments from Google, Meta, and Microsoft. The telecommunications revolution transformed Nigeria from fewer than 500,000 telephone lines in 1999 to over 180 million mobile subscriptions, enabling mobile banking, digital commerce, and countless economic activities. Over 100,000 kilometres of fibre optic cable now undergirds this dynamism.

“From Guinness Nigeria’s successful localisation to Aba shoemakers’ indigenous entrepreneurship attracting international attention, Nigerian industrial capacity grows steadily.”

 

Infrastructure development and industrial capacity

The Dangote Refinery, commencing operations in September 2024 with the capacity to produce 650,000 barrels daily, fundamentally alters Nigeria’s petroleum economics. This monument to Nigerian industrial ambition, the world’s largest single-train refinery, transforms the nation from a crude exporter into a potential exporter of refined products. The cement industry achieved self-sufficiency and export capacity, transforming Nigeria from a major importer to a net exporter. The Second Niger Bridge completion, the Lagos-Ibadan Standard Gauge Railway, and the Lekki Deep Sea Port inauguration represent both symbolic and practical achievements. Over 100,000 kilometres of fibre-kilometres of optic infrastructure and 1.5 million new housing units in the past decade demonstrate sustained development momentum. Manufacturing continues to produce goods across numerous industries, with local manufacturers increasingly capturing domestic markets. From Guinness Nigeria’s successful localisation to Aba shoemakers’ indigenous entrepreneurship attracting international attention, Nigerian industrial capacity grows steadily.

Energy sector transformation

The Petroleum Industry Act passage in 2021, after two decades of paralysis, modernised the legal framework governing Nigeria’s most important industry. The transformation of NNPC into a commercial entity introduced accountability into previously opaque operations. Nigeria maintains its position as Africa’s top LNG exporter, while gas-to-power initiatives promise to transform previously flared resources into economic value. Renewables now contribute over 15 percent of rural electrification capacity as solar installations proliferate, reducing dependence on generators while enabling economic activities formerly impossible. The fuel subsidy removal in 2023, though politically risky, represented an economically necessary reform. Crude oil theft clampdown through improved surveillance has enhanced production volumes.

Read also: Nigeria at 65: Independence without freedom, reform without trust

Human capital and creative industries

Diaspora remittances consistently exceed $22 billion annually, representing not merely financial flows but networks facilitating knowledge transfer and business partnerships. Over 60 percent of Nigerians are under 25, representing staggering demographic potential if properly harnessed. Nigerian universities, despite funding challenges, produce graduates competing successfully internationally, while over 120 now offer entrepreneurship studies. Nollywood has become a global cultural force and significant economic contributor. As the world’s second-largest film producer, it employs thousands while projecting Nigerian culture internationally. Nigerian music, led by Afrobeats, has achieved unprecedented global success, representing a multi-million dollar export industry. Nigerian literature continues its distinguished tradition, with authors winning major international prizes and achieving commercial success globally.

Financial inclusion and governance reforms

Financial inclusion expanded dramatically, with over 70 million Nigerians now possessing formal financial access, up from fewer than 30 million in 2010. The Bank Verification Number system enhanced banking integrity, while the Treasury Single Account improved public financial management, curbing leakages and consolidating revenues. The Companies and Allied Matters Act of 2020 modernised business law, easing the process for small and medium enterprises. The survival of democracy since 1999, with power changing hands between parties, provides prerequisites for long-term economic planning. The foreign exchange market reform of 2023, unifying multiple exchange rates, improved transparency and investor confidence. The Nigeria Sovereign Investment Authority, managing over $2 billion in assets, represents forward-thinking resource management. The African Continental Free Trade Area ratification positions Nigeria’s large market as a potential hub for continental commerce.

Grassroots resilience and social progress

Millions of small and medium enterprises form the true economic backbone, employing the majority of Nigerians. The informal sector, from Alaba International Market to the Okada economy providing last-mile transportation, demonstrates entrepreneurial resilience, moving billions in commerce. Cooperative societies provide critical capital for the informally employed. The healthcare system has made remarkable progress in combating previously devastating diseases. Polio has been eliminated, HIV/AIDS treatment has become widely available, and life expectancy has increased substantially. The pharmaceutical industry produces medications domestically, reducing import dependence. Social protection systems have expanded, with conditional cash transfers and school feeding programmes reaching millions of beneficiaries.

Looking forward

At 65, Nigeria stands at an inflection point. The economic foundations laid over decades provide platforms for accelerated growth. The demographic dividend, if properly harnessed, could propel Nigeria to unprecedented prosperity. The diversity of Nigeria’s economy provides resilience against shocks. Challenges remain real and require honest acknowledgement. Infrastructure deficits constrain growth. Security challenges disrupt economic activity. Corruption wastes resources. Policy inconsistency creates uncertainty. These realities cannot be wished away.

Read also: The independence dividend: Investing in people as a national strategy

Yet achievements documented here demonstrate that progress is possible. From the farmer in Benue to the software engineer in Lagos, from the banker in Abuja to the trader in Kano, Nigerians are building an economy that, while imperfect, provides opportunity and generates wealth. That journey, spanning 65 years, deserves recognition and celebration. The greatest reason for optimism is that the Nigerian economic story is still being written. Its final chapter has not been decreed. If Nigerians bring to future challenges the same resilience, creativity, and determination that have characterised the first 65 years, the economic future remains bright. Nigeria at 65 has much to celebrate and even more to anticipate.

Happy Independence Anniversary to Africa’s Giant.

 

Dr. Oluyemi Adeosun, Chief Economist, BusinessDay Media