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Nigeria’s GDP Shows Signs of Recovery: A Data-Driven Outlook for 2025
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3 hrs ago
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Nigeria’s GDP Shows Signs of Recovery: A Data-Driven Outlook for 2025
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3 hrs agoNigeria’s economy is showing promising signs of recovery in 2025 after years of challenges, driven by growth in key sectors such as technology, agriculture, manufacturing, and oil. According to the World Bank, Nigeria’s GDP grew by 3.9% in the first half of 2025, while the second quarter saw an even stronger 4.23% year-on-year expansion, marking the highest growth rate in four years. The oil sector, a major contributor to the economy, rebounded with production rising to 1.68 million barrels per day, a 20.42% increase from the previous year, boosting government revenues and foreign exchange reserves. Agriculture remains a cornerstone of the economy, benefiting from government initiatives like mechanized farming and improved irrigation, while manufacturing is growing due to increased domestic demand and policies that stabilize the exchange rate. Nigeria’s technology sector, particularly in Lagos, continues to thrive, positioning the state as a major African tech hub. These gains reflect fiscal reforms including the removal of petrol subsidies, reduction of electricity allowances, and currency devaluations, which have collectively strengthened investor confidence. Looking ahead, the World Bank projects a 3.6% overall growth for 2025, though challenges such as high inflation and poverty persist, highlighting the need for continued investment and reforms in key sectors.