The World Bank has said that Nigeria’s economy recorded its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position.

During a presentation on Monday, the bank’s lead economist for Nigeria, Alex Sienaert, said Nigeria’s economy grew by 4.6% year-on-year in the fourth quarter of 2024.

Quoting high-frequency business indicators, he said the economy continued to expand in early 2025.

He, however, warned that persistently high inflation remains a challenge.

The bank is expected to launch the Nigeria Development Update report in Abuja today. The report is a bi-annual in-depth examination of selected economic and policy issues and an analysis of Nigeria’s development challenges