The African Development Bank says Nigeria’s economic reforms since May 2023 are beginning to yield results.
In its 2025 African Economic Outlook released today in Abidjan, AfDB reports that services contributed 75% to Nigeria’s GDP growth, while industry—driven by a rise in oil production to 1.56 million barrels per day—contributed 13%. Agriculture added 9% due to competitive domestic pricing.
Despite gains, inflation rose to 33.2% in 2024, up from 24.7%, driven by higher petrol prices and a weakened naira. The Central Bank responded by raising the policy rate to 27.5%.
Public debt climbed to 52.3% of GDP, while the current account surplus rose sharply to 9.2% as imports declined. The report also noted a stronger financial sector and improved loan performance.
