Nigeria’s economy is on a clear recovery path after years of stagnation, with a new report by Quartus Economics indicating that key indicators have recorded their strongest improvement in more than a decade. The study, obtained by The Nation, concludes that “Nigeria is rising” and that the economy is back on track, even though growth still needs to be faster and more broad based.
According to the report, Nigeria’s Gross Domestic Product grew by a cumulative 8.34 percent between 2024 and 2025, the highest two year expansion in over ten years. This pace also outperformed population growth, which was estimated at less than 4.4 percent over the same period, reversing earlier years when the population was growing faster than the economy.
Between 2020 and 2023, GDP growth averaged just 0.97 percent, while the population increased by about 8.78 percent, leading to a sharp drop in living standards. Quartus Economics estimated that GDP per capita shrank by 21 percent during those years but then rose by 19.5 percent in 2025 alone as the recovery took hold.
In dollar terms, Nigeria’s GDP climbed from 252 billion dollars in 2024, after a rebasing exercise, to 307.5 billion dollars in 2025, representing an increase of about 22 percent. Per capita GDP also rose by 19.5 percent to 1,295 dollars within the same period, reflecting both higher output and slower population growth.
The report highlighted Nigeria’s improving position within Sub Saharan Africa. It noted that the country’s share of the region’s total GDP rose to 14.4 percent in 2025, up from about 13 percent in 2024, while per capita income climbed to 72 percent of the regional average, from 67 percent the previous year.
Quartus Economics said Nigeria’s standing has also improved when compared with a basket of emerging markets and major African economies, pointing to better relative performance after several difficult years. However, it warned that the gains must be consolidated and extended so that growth becomes more inclusive and reaches more sectors and households.
Reacting to the findings, the Presidency said the positive trend reflects the impact of bold reforms introduced by President Bola Ahmed Tinubu since he assumed office. Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, said policy decisions across key sectors have repositioned the economy for sustainable expansion.
Ajayi argued that all the major macroeconomic indicators that were “in red” before Tinubu took office are now turning positive. He pointed to improved fiscal conditions, rising investor confidence and new inflows into the real sector as signs that the reforms are working.
According to him, the oil sector alone has attracted over 8 billion dollars in new investment commitments from international oil companies. Manufacturing activities are also said to be picking up, with Nigeria positioning itself as a refining hub for petroleum products in Africa.
Despite the upbeat numbers, the Quartus report emphasised that growth still needs to be faster and more widely shared across the population. It urged policymakers to build on the current momentum in 2026 so that the economy can “pay its dues and yield its own harvest” in terms of jobs, poverty reduction and improved living standards.
About the author
Otedola’s wife Nana: I am Egba, not Ghanaian
Nana Fatimah Attah Otedola, wife of billionaire businessman Femi Otedola and mother of media personality DJ Cuppy and actress Temi Otedola, has clarified her ethnic and national identity, confirming her Egba heritage. To clear up years of speculation, Nana declared in a viral video: "I'm an Egba woman, and that's the part I'll gladly claim as a Nigerian. I am not a Ghanaian; my roots are in Abeokuta," tracing her ancestry to Abeokuta in Ogun State. For years, many people assumed Nana was Ghanaian, largely due to her appearance and name, but she said this assumption could not be further from the truth. Nana disclosed that she was born in Kaduna State and lived there for almost two decades, explaining that living in northern Nigeria for such a significant period may have influenced how people perceive her identity. Despite her […]
World Cup 2026: Goals, glamour, glory dominate opening week
The U.S. men's national team arguably had its best win ever at a World Cup, with striker Folarin Balogun becoming a standout performer in the tournament so far. Mexico opened the tournament with a strong showing against South Africa, starting the 2026 World Cup with a win on home turf. South Korea beat out Czechia on Thursday, while early matches featured Netherlands over Switzerland, with Patrick Brandner and Artnautović making it 3-1 in their game. Japan's two goal scorers, Keito Nakamura and Daichi Kamada, emerged as top performers of the first weekend alongside the USMNT's Balogun. The tournament has been prolific in goals, with 74 goals scored so far and 23 of the first 24 matches having at least one goal scored. The opening ceremony at Estadio Azteca got off to a glittering start, with Shakira featured alongside Burna and […]
U.S. lifts Strait of Hormuz blockade as U.S. and Iran sign deal to halt war
The U.S. Central Command has confirmed that the naval blockade over the Strait of Hormuz has officially been lifted as a result of the ceasefire agreement reached between the United States and Iran. The U.S. declared the cessation of its naval blockade affecting maritime movement to and from Iranian ports and coastal territories, including the strategically vital Strait of Hormuz, with the blockade expected to be completely lifted within 30 days. According to senior U.S. officials, this measure is all part of the deal signed by President Donald Trump at the Palace of Versailles, where the U.S. and Iran agreed to reopen the crucial Strait of Hormuz and halt the war. In return for the blockade lift, Iran will now allow toll-free passage through the Strait of Hormuz for 60 days, ensuring safe passage for commercial ships without any charges […]
DSS rejects foreign funding for security and intelligence-gathering operations
The Department of State Services (DSS) has rejected proposals to allow foreign organisations to fund security and intelligence operations in Nigeria through the proposed DSS Security Trust Fund, warning of serious national security risks. DSS Deputy Director Emmanuel Duabry represented the service at a public hearing organised by the House Committee on National Security and Intelligence on bills aimed at strengthening the domestic intelligence agency's operational capacity. The DSS endorsed the bill to establish the Trust Fund but proposed far-reaching amendments, including the deletion of Section 3(d), which permits grants, donations and endowments from international organisations. Duabry said: "Allowing foreign funding for a security-related Trust Fund raises serious concerns relating to sovereignty, operational confidentiality, and institutional independence," urging lawmakers to expunge the clause. The DSS argued that accepting foreign funding could undermine institutional independence and expose intelligence activities to external […]
Insecurity: Fake news, political propaganda fueling terrorism — Abdulsalami
Former Head of State, General Abdulsalami Abubakar (retd.), has warned that political propaganda and fake news spread on social media are giving oxygen to terrorist groups and worsening insecurity in Nigeria. Abdulsalami said propaganda for political and other selfish gains is emboldening terrorists and undermining efforts by security agencies to combat insurgency and banditry. He decried how fake news spreads on platforms like Facebook, Twitter and WhatsApp, noting that false stories, doctored videos and misinformation are being used to propagate extremist narratives and create distrust among citizens. According to him, some actors deliberately push misleading content to score political points or gain attention, without regard for how such propaganda can aid terrorists, destabilise communities and compromise security operations. Abdulsalami stressed that the fight against insecurity must be a collective responsibility, urging politicians, media practitioners and citizens to be more responsible […]
US says it needs $80bn for Iran war, other bills
The US Department of Defense has told lawmakers it needs about $80 billion in emergency funding to cover costs from the Iran war as well as other non-war-related bills, according to briefings cited in US media reports. Deputy Defense Secretary Stephen Feinberg communicated the request to members of Congress in phone calls this week, with the Wall Street Journal reporting that the $80 billion figure is now the Pentagon’s target for an urgent supplemental package. The planned request would not be limited to the military alone, as the full US supplemental proposal is expected to include money for the Pentagon alongside non-defense priorities such as farm support and disaster relief. US officials previously indicated that the Iran war has cost around $25 billion so far, marking the first official estimate of the financial toll of the conflict. Earlier projections from […]
Related
U.S. lifts Strait of Hormuz blockade as U.S. and Iran sign deal to halt war
The U.S. Central Command has confirmed that the naval blockade over the Strait of Hormuz has officially been lifted as a result of the ceasefire agreement reached between the United States and Iran. The U.S. declared the cessation of its naval blockade affecting maritime movement to and from Iranian ports and coastal territories, including the strategically vital Strait of Hormuz, with the blockade expected to be completely lifted within 30 days. According to senior U.S. officials, this measure is all part of the deal signed by President Donald Trump at the Palace of Versailles, where the U.S. and Iran agreed to reopen the crucial Strait of Hormuz and halt the war. In return for the blockade lift, Iran will now allow toll-free passage through the Strait of Hormuz for 60 days, ensuring safe passage for commercial ships without any charges […]
DSS rejects foreign funding for security and intelligence-gathering operations
The Department of State Services (DSS) has rejected proposals to allow foreign organisations to fund security and intelligence operations in Nigeria through the proposed DSS Security Trust Fund, warning of serious national security risks. DSS Deputy Director Emmanuel Duabry represented the service at a public hearing organised by the House Committee on National Security and Intelligence on bills aimed at strengthening the domestic intelligence agency's operational capacity. The DSS endorsed the bill to establish the Trust Fund but proposed far-reaching amendments, including the deletion of Section 3(d), which permits grants, donations and endowments from international organisations. Duabry said: "Allowing foreign funding for a security-related Trust Fund raises serious concerns relating to sovereignty, operational confidentiality, and institutional independence," urging lawmakers to expunge the clause. The DSS argued that accepting foreign funding could undermine institutional independence and expose intelligence activities to external […]
Insecurity: Fake news, political propaganda fueling terrorism — Abdulsalami
Former Head of State, General Abdulsalami Abubakar (retd.), has warned that political propaganda and fake news spread on social media are giving oxygen to terrorist groups and worsening insecurity in Nigeria. Abdulsalami said propaganda for political and other selfish gains is emboldening terrorists and undermining efforts by security agencies to combat insurgency and banditry. He decried how fake news spreads on platforms like Facebook, Twitter and WhatsApp, noting that false stories, doctored videos and misinformation are being used to propagate extremist narratives and create distrust among citizens. According to him, some actors deliberately push misleading content to score political points or gain attention, without regard for how such propaganda can aid terrorists, destabilise communities and compromise security operations. Abdulsalami stressed that the fight against insecurity must be a collective responsibility, urging politicians, media practitioners and citizens to be more responsible […]
Defence Ministry, NSA, NUJ seek stronger media-security partnership to tackle insecurity
The Ministry of Defence, the National Security Adviser (NSA), and the Nigeria Union of Journalists (NUJ) have called for a stronger media-security partnership to help tackle Nigeria’s growing security challenges and counter misinformation. National Security Adviser Nuhu Ribadu tasked defence and security spokespersons to proactively engage Nigerians and build public trust, stressing that clearer communication will improve citizens’ confidence in the military and security agencies. The Ministry of Defence, under Defence Minister Gen. Christopher Musa (rtd), has emphasized the need for a unified and integrated approach to intelligence gathering and operations, particularly in the face of asymmetric warfare. Musa said agencies have been operating in isolation for too long and must now come together to harness collective intelligence and work as a unified team to support troops and safeguard the nation. The NUJ leadership has welcomed structured engagements, including regular […]
FG to evacuate over 742 Nigerians from South Africa before June 30
The Federal Government has announced plans to evacuate over 742 Nigerians from South Africa before June 30, following renewed xenophobic attacks and rising anti-migrant sentiment in parts of the country. According to the Ministry of Foreign Affairs, the evacuation exercise is already underway, with the first batch of 258 Nigerians successfully airlifted from South Africa to Lagos as part of the voluntary repatriation scheme. The move comes amid reports of fresh attacks and threats against foreign nationals, with activists in South Africa issuing a June 30 deadline for undocumented migrants to leave the country, prompting Nigeria to accelerate its evacuation plans. The government earlier approved at least five evacuation flights, operated by Air Peace, after more than 500 Nigerians were screened and cleared to return home, with the screening window extended to accommodate more applicants. Officials say about 1,000 Nigerians […]
Relief for ADC, AP as Appeal Court stops deregistration order
Several opposition political parties, including the African Democratic Congress (ADC) and Accord Party (AP), have secured temporary relief after the Court of Appeal halted the enforcement of a Federal High Court judgment ordering their deregistration by the Independent National Electoral Commission (INEC). Earlier in the week, Justice Peter Lifu of the Federal High Court in Abuja had ordered INEC to deregister ADC, Accord, Action Alliance (AA), Action Peoples Party (APP) and Zenith Labour Party (ZLP) for failing to meet the constitutional thresholds required to remain on the register of political parties. The trial court held that the parties breached Section 225A of the 1999 Constitution (as amended), which empowers INEC to deregister political parties that fail to win any elective seat or secure at least 25 per cent of the votes in relevant elections at federal, state or local government […]