Nigeria’s Economy Grows But Poverty Still Rising – Report
A new economic report reveals a difficult reality for Nigeria: while the national economy is showing signs of recovery, the number of people living in poverty continues to increase. The report by Quartus Economics states that Nigeria's economy began to stabilize and grow in 2024. It credits this improvement to the "bold but necessary" reforms implemented by President Bola Tinubu in 2023, primarily the removal of the costly fuel subsidy. However, this economic growth has not yet translated into better living conditions for many citizens. The report highlights that the damage from the previous decade (2014-2023) was severe. During that time, the economy shrank significantly in dollar terms while the population grew by over 40 million people. This combination of a smaller economy and a larger population pushed an additional 65 million Nigerians below the poverty line. The report concludes […]