By Abiola Olawale
Nigeria’s economy has shown a positive trajectory with a recent announcement that the Gross Domestic Product (GDP) grew by 3.84% year-on-year in real terms in the fourth quarter of 2024.
This figure, reported by the National Bureau of Statistics (NBS) on Tuesday marks an improvement over the 3.46% growth recorded in Q4 2023.
According to the NBS, the 3.84% GDP growth rate for Q4 2024 indicates that Nigeria’s economy expanded in real terms, meaning the increase accounts for inflation and reflects genuine growth in the volume of goods and services produced.
The performance in Q4 2024 also comes amidst economic recovery and policy adjustments initiated under the administration of President Bola Ahmed Tinubu, who took office in May 2023.
It would be recalled that Tinubu’s administration had implemented several reforms, including the removal of fuel subsidies and the unification of the exchange rate, which were said to be aimed at addressing long-standing fiscal distortions and fostering sustainable growth.
