Nigeria's gross domestic product (GDP) experienced a growth of 3.4% in 2024, marking the highest rate since 2014, excluding the COVID-19 rebound years of 2021-2022, according to a new World Bank report. This acceleration was primarily driven by the recovery of the oil and gas sector, along with strong performances in the technology and finance industries, as highlighted in the Nigeria Development Update. The World Bank anticipates a slight increase in Nigeria's economic growth rate to 3.7% in 2025.

However, the report also pointed out slow growth in the agriculture sector due to insecurity in the Middle Belt and high input costs. The Middle Belt, encompassing 14 states in central Nigeria, has seen hundreds of thousands of hectares of farmland abandoned due to ongoing violent clashes, often between farmers and nomadic herdsmen. This insecurity has led to a significant drop in agricultural output, exacerbating inflation.

During a presentation in Abuja, the World Bank commended the Nigerian government's economic reforms, implemented by President Bola Tinubu after the 2023 elections. These reforms included ending petrol subsidies, reducing electricity allowances, and devaluing the naira currency twice. The International Monetary Fund (IMF) has also praised these reforms while warning about high poverty levels. President Tinubu defended these