Nigeria's GDP Growth Outpaces Population Increase

According to a report by Quartu Econom, Nigeria's Gross Domestic Product (GDP) is now expanding at a rate that outpaces its population growth, signaling potential early gains in poverty reduction. The GDP is projected to rise sharply from $252.1 billion in 2024 to $307.5 billion in 2025, representing a 21.98% increase.

Per capita GDP is expected to increase from $1,083 to $1,295, marking a 19.5% rise. Despite a population growth rate of 2.1% in 2025, which adds approximately 4.8 million people, the GDP growth of nearly 22% in dollar terms suggests a significant rise in average output per person.

The report attributes this improvement to stronger economic activity, a stable exchange rate environment, and modest macroeconomic gains. However, it cautions that poverty levels remain high and emphasizes the need for continued reforms to sustain growth and improve living standards across Nigeria's rapidly growing population.