Nigeria’s economy gained significant momentum in 2024, with Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, announcing a rise in the country’s Gross Domestic Product (GDP) to ₦372.8 trillion, up from ₦309.5 trillion the previous year.
President Tinubu described the progress as a clear indication that Nigeria’s fiscal and structural reforms are finally beginning to bear fruit.
Speaking at the 31st Nigerian Economic Summit in Abuja, themed “Building a Prosperous and Inclusive Nigeria by 2030,” Tinubu reaffirmed his administration’s resolve to build an inclusive and transparent economy anchored on sustainable growth.
According to Shettima, every reform introduced by the administration was “guided by deep reflection and the courage to act in the nation’s best interest.” Tinubu revealed that total government revenue rose from ₦19.9 trillion in 2023 to ₦25.2 trillion in 2024, and further to ₦27.8 trillion as of August 2025 — surpassing the ₦18.32 trillion target.
This fiscal turnaround also improved Nigeria’s debt profile. The debt service-to-revenue ratio dropped sharply from 97% to below 50%, prompting Fitch Ratings and Moody’s to upgrade the country’s credit outlook.
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Nigeria’s economy grew by 4.23% as of September 2025, outperforming global projections. Non-oil revenue climbed by 411% year-on-year, while the tax-to-GDP ratio increased from 7% in previous years to 13.5%.
“These indicators,” Tinubu said, “reflect a nation prepared for the present and committed to the future.”
The President attributed the renewed confidence in the economy to bold fiscal choices particularly the removal of fuel subsidies and the unification of exchange rates. These policies, he explained, restored credibility to public finance and boosted investor confidence.
Consequently, Nigeria’s external reserves rose to $43 billion by September 2025, while the trade balance improved from ₦5.17 trillion in the first quarter to ₦7.46 trillion in the second quarter.
“These choices have stabilised the economy and reassured investors at home and abroad,” Shettima added.
To support small businesses and encourage innovation, the administration launched a ₦200 billion MSME Fund, alongside grants and loans of up to $100,000 for young innovators and entrepreneurs.
Through digital micro-loan platforms, more Nigerians now have access to credit, helping them grow businesses and increase productivity. “These interventions show our determination to build an economy that works for everyone,” Tinubu said.
Expanding Growth Sectors
Nigeria’s oil output currently stands at 1.8 million barrels per day, with projections to reach 2 million by year-end. The solid minerals sector also posted impressive growth, generating ₦12.58 billion in 2024, reflecting renewed investor confidence.
The government has also prioritised agriculture and mining for mass job creation, partnering with foreign governments to provide modern equipment, train farmers, and strengthen extension services.
Across the nation, over 440 road projects covering 2,700 kilometres are under construction, while new rail lines and terminals are improving trade and logistics. Tinubu described these investments as “the arteries of national prosperity.”
To ensure equitable development, the government launched the Renewed Hope Ward-Based Development Programme, covering 8,809 wards across 774 local governments. The initiative maps local resources and human capital to promote grassroots growth.
“No community will be left behind. Every ward will contribute to the national story of growth,” the President assured.
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To boost fiscal stability, Tinubu signed four new laws the Nigeria Tax Act, Tax Administration Act, Revenue Service Act, and Joint Revenue Board Act. These reforms simplify compliance, improve coordination among revenue agencies, and protect low-income earners.
They also promote digital innovation in tax collection and reduce dependence on oil revenue. “We are laying the foundation for a fairer and more prosperous Nigeria,” Tinubu affirmed.
Shettima urged state governments and private investors to align with the Renewed Hope Agenda, stressing that shared prosperity depends on sustained collaboration.
“We are not condemned to low growth, high costs, and low trust,” Tinubu declared. “We will stabilise. We will industrialise. We will humanise our economy.”
The summit continues this week with technical sessions on human capital development, fiscal policy, digital transformation, and Nigeria’s 2030 inclusion roadmap.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
