Nigeria's economy shows recovery signs: Inflation halved, growth over 4%
Nigeria's economy is showing strong signs of recovery, with growth above four per cent and inflation halved between 2024 and 2025, Minister of Industry, Trade and Investment Dr Jumoke Oduwole said during an interview with CNN at the World Economic Forum in Davos, Switzerland. She attributed this to ongoing economic reforms, investment drive, and global partnerships that are reshaping the country's outlook and attracting fresh capital from both local and foreign investors.
The World Bank had projected continued growth above four per cent while inflation was halved. The minister highlighted that trade systems are being modernised, including a single window project set to go live at the end of this quarter. This modernisation is a key factor in investors' decisions, as businesses now find it easier to operate with Nigerians. The United States remains a strong strategic partner, with a commercial investment partnership launched in June last year, and U.S. businesses working closely with Nigerian firms.
Nigeria is also pursuing long-term reforms in infrastructure, export growth, and trade access, while taking a leadership role under the African Continental Free Trade Area. This includes opening air cargo corridors with 13 African countries, which has halved freight costs for exporters. The 'Nigeria House' debut at Davos WEF serves as a platform to showcase the country's reform story, investment opportunities, and trade priorities to global investors and policymakers.
With these developments, Nigeria is actively rebuilding investor confidence and improving its trade environment. For businesses considering the Nigerian market, this signals a more predictable and modernised system for operations and partnerships. What opportunities will you explore in this evolving economic landscape, and how might you position your investments or trade strategies to align with these reforms?