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Analysis by Region - Emerging Markets - Nigeria

Publisher Oxford Economics
Published Mar 10, 2025
Length 6 Pages
SKU # OFE19929306

Description

Nigeria’s fortunes appear to be turning around. In the final quarter of 2024, seasonally adjusted real GDP growth reached 4.4% y/y, the highest growth rate since Q3 2021 (4.5% y/y). The non-oil economy drove the national growth increase, while the oil sector expanded at a slower pace. We remain cautiously optimistic that the decline in CPI inflation and lower borrowing costs will support consumption spending and business activity over the medium term. Additionally, higher oil production will likely amplify these gains, while expanding refining capacity will shore up growth in the manufacturing sector. As a result, we have raised our real GDP growth forecast to 3.5% for 2025 and adjusted our medium-term predictions upward.

Table of Contents

6 Pages
Nigeria: An oil giant on the mend with services charging ahead
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Background
Economic development
Structure of the economy
Balance of payments
Policy and politics

Pricing

Currency Rates
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