Nigeria’s economy is showing clear signs of recovery after years of stagnation, with notable improvements in output and income levels over the past two years, according to a new report by Quartus Economics.
The report states that “Nigeria is rising,” pointing to significant gains in key macroeconomic indicators and improved performance relative to regional and global peers.
According to the study, Gross Domestic Product growth reached a cumulative 8.34 per cent between 2024 and 2025 — the strongest two-year expansion in over a decade. This outpaced population growth, estimated at below 4.4 per cent, signalling an improvement in living standards.
This marks a sharp turnaround from the 2020–2023 period, when GDP growth stood at just 0.97 per cent against a population increase of 8.78 per cent, leading to a significant decline in per capita income.
“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 noted.
In dollar terms, Nigeria’s GDP increased from $252 billion in 2024 (following rebasing) to $307.5 billion in 2025, representing a 22 per cent rise. Per capita GDP also climbed by 19.5 per cent to $1,295 within the same period.
The report further highlighted Nigeria’s improving regional standing, 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. Its per capita GDP rose to 72 per cent of the regional average, compared to 67 per cent the previous year.
While acknowledging the progress, the report stressed the need for sustained and broader-based growth. “The country must make 2026 also pay its dues and yield its own harvest,” it stated.
Reacting to the findings, the Presidency attributed the positive trajectory to economic reforms introduced by Bola Ahmed Tinubu since assuming office.
Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, said the administration’s policy decisions have repositioned the economy for sustainable growth.
“Nigeria is indeed rising under President Tinubu. He engineered the boldest economic reforms across key sectors of the economy the country has ever seen in the last 50 years, and it is not by happenstance that the economy is responding positively,” Ajayi said.
He added that Nigeria’s fiscal position has improved significantly compared to three years ago, with macroeconomic indicators previously in decline now showing positive trends. According to him, investor confidence has strengthened, leading to increased inflows into key sectors.
Ajayi disclosed that the oil sector has attracted over $8 billion in new investments from international oil companies, while manufacturing activities are expanding, positioning Nigeria as a refining hub in Africa.
He said the administration remains committed to deepening reforms to ensure that economic gains translate into improved living conditions for citizens, while also addressing ongoing security challenges.
