Nigeria’s Q4 2024 GDP growth reached 3.84%, reflecting an increase from earlier quarters. Growth rates were 3.46% in Q3, 3.19% in Q2, and 2.98% in Q1. Although improving, it is below President Tinubu’s 6% target.
In the fourth quarter of 2024, Nigeria’s economy exhibited a growth of 3.84%, according to data released by the country’s statistics agency. This growth rate surpasses the previous quarters’ figures, with the third quarter at 3.46%, the second quarter at 3.19%, and the first at 2.98%. The upward trend indicates a recovery phase within Nigeria’s economic landscape, especially in the context of its recent historical performance.
Despite this positive outlook, the growth rate remains below the ambitious target of 6% set by President Bola Tinubu upon taking office in mid-2023. This target was proposed to enhance development and boost investment in Africa’s most populous nation. Achieving such a rate will require significant policy interventions and economic reforms to stimulate various sectors effectively.
In summary, Nigeria’s GDP growth accelerated to 3.84% in Q4 2024, indicating a positive economic trend compared to earlier quarters. However, it still falls short of the government’s growth target of 6%, highlighting the need for strategic measures to further develop the economy. Continued monitoring and targeted policies will be crucial for reaching this goal.
Original Source: www.tradingview.com
