Nigeria’s economy experienced its most significant expansion in a decade in 2024, despite the high cost of living, as a result of a strong fourth quarter.

The most recent report from the World Bank suggests that the surge was influenced by increased hydrocarbon revenues and enhanced fiscal policies.

Nevertheless, inflation continues to be a substantial concern, as it is exacerbated by the devaluation of the currency and the elimination of petroleum subsidies.

This has resulted in increased prices for essential products and services, putting additional pressure on consumers and businesses.

The Nigerian government has committed to implementing targeted interventions to mitigate the effects of increasing prices.
However, economic analysts caution that inflation control should continue to be a top priority in order to sustain the country’s growth momentum.