According to the World Bank, Nigeria’s Gross Domestic Product (GDP) has experienced notable fluctuations in recent years. In 2022, the GDP was reported at $472.62 billion, with a per capita GDP of $2,162.60.
The annual GDP growth rate for 2022 was 3.3%.
Recent fiscal reforms, including the removal of petrol subsidies and currency devaluation, have contributed to a reduction in the fiscal deficit from 6.2% to 4.4% of GDP within a year. These measures have also led to growth in service sectors and improvements in the foreign exchange market.
Despite these positive developments, challenges such as inflation persist. The World Bank projects Nigeria’s economy to grow by 3.3% in 2024 and 3.6% by 2025
