Nigeria's economy grows at fastest pace in five years
President Bola Tinubu has overseen a turnaround of Africa’s third-largest economy.
Nigeria's economy has experienced its fastest growth in five years, a development that bolsters President Bola Tinubu's reelection hopes. Despite growth falling short of official targets, Tinubu has steered the continent's third-largest economy towards recovery since assuming office in 2023. The second quarter's 4.43% GDP expansion was primarily driven by the manufacturing, agriculture, services sectors, and an oil sector buoyed by higher crude prices triggered by the Iran war.
The naira currency, which saw a sharp depreciation under Tinubu due to devaluations, has appreciated by 12% over the past year. Tinubu's tenure has also seen a significant boost in net direct investment inflows, and the oil industry is thriving. However, Tinubu faces challenges, with insecurity persisting as a major concern, casting doubts over his reelection prospects ahead of the January election.
Despite improving security relations with the US, armed conflict and kidnappings continue to plague Nigeria, with the three months leading up to June witnessing the most violent period in decades.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
