Nigeria’s Economy Records Steady Growth at Home But Lags Behind Global Economic Trends – July 28, 2025

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Abuja, Nigeria – July 28, 2025 – Nigeria’s economy has shown moderate and consistent growth over the past 15 years, but recent data reveals it continues to trail behind global economic trends in both pace and productivity.

According to newly released figures from the National Bureau of Statistics (NBS) and the International Monetary Fund (IMF), Nigeria’s Gross Domestic Product (GDP) has steadily improved, especially in sectors like agriculture, services, and telecommunications. However, compared to the average global GDP growth rate, the Nigerian economy remains sluggish, primarily due to structural challenges, policy inconsistencies, and inadequate infrastructure.

Between 2010 and 2025, Nigeria’s GDP rose from $369 billion to an estimated $523 billion. Despite this upward trajectory, the economy’s average annual growth rate of 2.8% falls below the global average of 3.5% within the same period.

Economists say Nigeria’s heavy reliance on oil revenues, high unemployment rates, and inflation—currently hovering around 18.2%—continue to hold back stronger performance. Additionally, foreign direct investment has slowed in recent years, with investors citing insecurity, high operating costs, and poor ease of doing business as major deterrents.

The Central Bank of Nigeria has implemented a series of monetary reforms and FX market adjustments aimed at stabilizing the naira and improving investor confidence. However, analysts warn that without aggressive investment in manufacturing, technology, and infrastructure, the country may struggle to catch up with rapidly growing economies in Asia and Latin America.

Key Highlights from 2010 to 2025:

• 2010 GDP: $369 billion
• 2020 GDP: $432 billion
• 2023 GDP: $498 billion
• 2025 GDP (Projected): $523 billion
• Average Growth Rate (2010–2025): 2.8%
• Global Average Growth Rate (2010–2025): 3.5%

Despite these gaps, there is cautious optimism among stakeholders. The Ministry of Finance has unveiled a new economic roadmap aimed at improving non-oil exports, reducing debt dependency, and expanding social investment programmes.

“We are working to diversify the economy and build sustainable growth pillars that will reduce our vulnerability to external shocks,” said Minister of Finance, Budget and National Planning, Dr. Mariam Katagum.

As Nigeria continues to navigate post-pandemic recovery and global economic shifts, experts stress the need for stronger governance, economic reforms, and private sector partnerships to close the widening gap between domestic progress and global advancement.

Graphic: Nigeria’s GDP Growth (2010–2025)

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