Nigeria’s economy expanded at its fastest pace in over a year in the latest quarterly report, marking a renewed sense of optimism as global investors re-enter the market after a period of uncertainty.
Data from the National Bureau of Statistics (NBS) showed a strong rebound in gross domestic product, supported by growth in the oil, manufacturing, and financial sectors. The upturn reflects the early impact of the government’s economic reforms, particularly the foreign exchange unification policy and efforts to attract foreign capital.
The oil sector, which had suffered from low output and theft, recorded a notable improvement in production levels. This, combined with increased non-oil exports and stable global crude prices, helped lift overall output. Manufacturing also saw gains, supported by improved access to foreign exchange and rising domestic demand.
Financial services remained one of the key growth drivers, buoyed by digital innovation and stronger credit flows to businesses. Analysts say investor confidence is gradually returning as Nigeria positions itself as a more open and competitive market.
However, challenges remain. Inflation continues to erode purchasing power, infrastructure deficits persist, and the cost of energy remains high for many businesses. Experts warn that without sustained reforms, the momentum could fade in the coming quarters.
The government has pledged to maintain macroeconomic stability and deepen investment in infrastructure and technology to sustain growth. International observers see Nigeria’s latest performance as a positive signal that policy alignment and transparency can unlock the country’s economic potential.
If the reforms stay consistent and private capital continues to flow in, Nigeria could set the stage for steady growth through 2025 and beyond, solidifying its role as Africa’s economic powerhouse.