Nigeria’s GDP – gross domestic product output – grew again in the face of macroeconomic shocks with an overall annual gross domestic product output of 3.40 percent last year from 2.74 percent reported in 2023.
But much is desired given the size of the country as growth rate of less than 4 percent is “suboptimal” for a 200 million population suffering from a GDP per capita that has fallen to an all time low.
While real GDP growth is on the rise, on a nominal account, the economy has shed $168 billion, falling from 2023’s high of $363 billion to $195 billion, highlighting the impact of the massive devaluation and free fall of the currency from about N500 to 1600/$.