A report by economic research firm, Quartus Economics, has revealed that Nigeria’s economy is showing early signs of a turnaround, with output now expanding faster than population growth.
The report which highlighted a sharp rebound in the country’s economic performance in 2025 after a difficult 2024, pointed out that the development that could mark the beginning of sustained poverty reduction if maintained.
The research firm said Nigeria’s gross domestic product (GDP) measured in US dollars rose from $252.1 billion in 2024 to $307.5 billion in 2025, representing a 21.98 per cent increase. On a per-person basis, the report showed that GDP rose 19.5 percent from $1,083 to $1,295 over the same period, despite continued population growth.
In naira terms, the nominal GDP grew from N372.8 trillion in 2024 to N441.5 trillion in 2025.
The report draws on official data from the National Bureau of Statistics (NBS) and exchange rate figures from the Central Bank of Nigeria (CBN), alongside comparative data from the International Monetary Fund (IMF).
A key highlight of the findings is that Nigeria’s economic growth is now exceeding its demographic expansion. Nigeria’s population grew by about 2.1 per cent in 2025, adding an estimated 4.8 million people. However, with GDP expanding by nearly 22 per cent in dollar terms, average economic output per person still rose significantly.
Between 2020 and 2023, the economy grew by less than 1 percent cumulatively, while population increased by over 10 percent. In contrast, between 2024 and 2025, economic output expanded by more than 8 per cent, compared to population growth of about 4.25 percent.
The report attributed the improved performance to a combination of increased production and modest currency strengthening. Nigeria’s nominal GDP rose from N372.8 trillion in 2024 to N441.5 trillion in 2025, an 18.43 percent increase.
At the same time, the naira appreciated by about 3 per cent on average, moving from N1,479 per dollar in 2024 to N1,436 in 2025. This dual effect boosted the country’s GDP when measured in US dollars, a key benchmark for global comparisons.
