Nigeria’s economy rebounds strongly - Quartus Economics

Nigeria’s economy is on a recovery path after years of stagnation, with strong gains in output and per capita income recorded over the past two years, a new report by Quartus Economics has revealed.

The report concludes that “Nigeria is rising,” citing significant improvements in key macroeconomic indicators and relative performance against regional and global peers.

According to the study, Nigeria recorded cumulative Gross Domestic Product (GDP) growth of 8.34 per cent between 2024 and 2025, the highest two-year expansion in more than a decade, outpacing population growth estimated at less than 4.4 per cent.

This marks a sharp reversal from the 2020–2023 period, when GDP growth stood at a modest 0.97 per cent against a population increase of 8.78 per cent, resulting in a steep decline in living standards.

“The implication is profound even if not yet acknowledged: GDP per capita shrank 21 per cent in 2020–23, but rose 19.5 per cent in 2025,” the report notes.

In dollar terms, Nigeria’s GDP climbed from $252 billion in 2024 (after rebasing) to $307.5 billion in 2025, representing a 22 per cent increase.

Per capita GDP also rose by 19.5 per cent to $1,295 within the same period.

The report highlights Nigeria’s improving position relative to key benchmarks, noting that the country accounted for 14.4 per cent of Sub-Saharan Africa’s GDP in 2025, up from about 13 per cent in 2024.

It adds that Nigeria’s per capita GDP rose to 72 per cent of the regional average in 2025, compared to 67 per cent the previous year, while its standing among selected emerging markets and major African economies also improved significantly.

“We can confirm that the economy is back on track. Yet growth still needs to be accelerated and become even more broad-based.