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Nigeria’s economy could be turning a corner toward stability as new data showed GDP grew at its fastest rate in three years, suggesting the government’s rapid-fire reforms may be paying off.
The economy grew by 3.4% last year, a mark last reached in 2021 as Nigeria rebounded from the effects of the COVID-19 pandemic.
The improvements follow a push by the Bola Tinubu-led administration to calm shocks after the removal of a long-standing petrol subsidy and a fixed peg for the naira in June 2023. Both actions escalated prices across the board. Now, the uptick in economic growth could be coming alongside a slowdown in inflation.
“Currency and petrol price stability have pumped the brakes somewhat on the inflationary picture,” said Ikemesit Effiong, a partner at SBM Intelligence, a Lagos-based consultancy firm, adding that both indicators are “improving investor sentiment in the short term.”
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