Nigeria GDP growth 2025 rises 22% to $307bn, driven by output expansion and naira gains, according to Quartus Economics report.

Abuja, 3 May 2026 – Nigeria’s economy expanded significantly in 2025 as dollar-denominated gross domestic product rose to about $307bn, marking a 22 per cent increase driven by stronger output and a firmer naira, according to a report by Quartus Economics.

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The Nigeria GDP growth 2025 milestone reflects a rebound from earlier declines, with the report, titled Nigeria on the Rise Again, showing that GDP increased from approximately $252bn in 2024 to $307.5bn in 2025.

According to Quartus Economics, the expansion was underpinned by an 18.43 per cent rise in nominal GDP alongside a three per cent appreciation of the naira, which strengthened from an average of N1,479 to N1,436 against the dollar.

The report explained that nominal output grew from N372.8tn in 2024 to N441.5tn in 2025, while exchange rate gains contributed additional momentum to overall dollar GDP performance.

Analysts noted that Nigeria’s growth outpaced the Sub-Saharan Africa average of 10.33 per cent and exceeded the performance of several major economies on the continent, including South Africa, Egypt, and Kenya. Only Ghana recorded stronger dollar GDP growth during the period.

The report further indicated that Nigeria accounted for nearly 28 per cent of Africa’s total GDP growth in dollar terms in 2025, reinforcing its position as a powerful driver of continental expansion.

Beyond Africa, the country also outperformed emerging markets such as Bangladesh, Indonesia, and Turkey.

Nigeria’s share of Africa’s total GDP rose to about 14.43 per cent in 2025 from 13.05 per cent in the previous year, signalling a gradual improvement in its economic standing.

On income metrics, GDP per capita increased by 19.5 per cent to $1,295, up from $1,083 in 2024, despite a population growth rate of 2.1 per cent.

The report noted that economic expansion outpaced demographic growth, allowing for modest gains in living standards.

It added that per capita income growth exceeded the Sub-Saharan Africa average and surpassed levels recorded in countries such as Algeria and Morocco, although disparities with peer economies remain.

The report attributed the improvement to a combination of currency stability, steady production growth, and moderating population expansion.

It highlighted that increased activity in the real sector, particularly outside services, contributed to the upward trend.

Providing context, the report noted that between 2020 and 2023, Nigeria’s economic growth lagged behind population expansion, contributing to rising poverty levels.

However, between 2024 and 2025, output growth exceeded eight per cent compared to population growth of about 4.25 per cent, signalling a shift in trajectory.

Recent data from the National Bureau of Statistics also showed that the economy grew by 4.07 per cent year-on-year in the fourth quarter of 2025, with full-year growth reaching 3.87 per cent, surpassing projections by the International Monetary Fund.

Despite the gains, the report cautioned that Nigeria’s GDP and income levels remain below historical peaks, underscoring the need for sustained reforms and policy consistency.

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Economists say maintaining the current momentum will depend on deep structural changes, improved productivity, and continued macroeconomic stability to ensure long-term and inclusive growth.