Nigeria economy is showing signs of strong recovery, with new data indicating rising growth and easing inflation, President Bola Tinubu said Friday.....KINDLY READ THE FULL STORY HERE▶

The nation’s gross domestic product grew by 4.23% in the second quarter of 2025, according to Tinubu, marking one of the fastest expansion rates in recent years. Inflation, which had been a major burden for households, fell to 20.12% in August, continuing a steady decline from earlier peaks.

Tinubu credited ongoing economic reforms, launched more than two years ago, for driving the turnaround. He said measures aimed at stabilizing prices, encouraging investment, and supporting farmers are beginning to deliver results.

“We are working diligently to boost agricultural production and ensure food security, reducing food costs,” the president said. “The reforms we started over two years ago are now showing tangible results.”

Key reforms

Tinubu’s administration has pursued wide-ranging reforms since he took office in May 2023. These include efforts to unify exchange rates, cut fuel subsidies, expand social safety programs, and attract foreign investment.

Economists say the recent GDP growth reflects gains in agriculture, manufacturing, and services, supported by increased government spending and better investor confidence. Inflation, which reached more than 28% in 2023, has steadily declined due to tighter monetary policy and improved food supply.

Impact on households

While the economic numbers show improvement, many Nigerians still struggle with high living costs. Food, transport, and energy prices remain a concern for millions. Analysts caution that sustained recovery will depend on keeping inflation under control and ensuring reforms benefit ordinary citizens.

“The government’s policies are beginning to pay off, but people will judge success by how much relief they feel in their daily expenses,” said Lagos-based economist Chika Okafor.

Farmers have reported improved access to seeds and credit under government programs, but challenges such as insecurity and climate change continue to threaten production. Tinubu said his government is prioritizing food security as a way to ease inflation and reduce poverty.

Looking ahead

The International Monetary Fund has projected Nigeria’s economy to grow steadily through 2026 if reforms continue. The government aims to reduce inflation to below 15% within the next year, officials said.

Tinubu urged patience, saying reforms take time to produce full results but insisted the direction of the economy is positive.

“Our economy is recovering fast,” he said. “We will stay the course and ensure Nigerians feel the benefits of growth.”

Context

Nigeria, Africa’s most populous country and its largest economy, has faced years of economic hardship due to falling oil revenues, security challenges, and high inflation. Tinubu’s reforms were initially unpopular, especially the removal of fuel subsidies, which caused a sharp increase in transport and food prices.

However, recent data suggests those policies are beginning to stabilize the economy. Investors have cautiously returned, and the government has announced plans to expand infrastructure projects, including roads, rail, and energy.

Analysts say the next challenge will be ensuring inclusive growth that reaches households beyond the major cities. Youth unemployment and underemployment remain high, and poverty levels have only slightly declined.

Still, many see the latest figures as a hopeful sign.

“Nigeria’s economy is turning a corner,” Okafor said. “If the government can keep inflation falling and maintain growth, there is real potential for improvement in people’s lives.”