₦airaland Forum

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.

The development comes after bold economic reforms by President Bola Tinubu’s administration, such as the removal of petrol subsidies, slashing electricity allowances and devaluation of the naira currency, have added to upward pressure on prices.

Nigeria’s annual inflation rate dropped to 23.18% in February 2025, its lowest level since June 2023, from 24.48% in January. Meanwhile, food inflation eased to 23.51%, marking its lowest rate since September 2022, compared to 26.08% in the previous month. The core inflation, which excludes the prices of volatile agricultural products and energy, quickened to 24.43%, from 23.01% in the previous month. On a monthly basis, consumer prices rose by 3.90% in March, accelerating from 2.04% in February.

The World Bank expects Nigeria’s economy to grow by 3.6% this year.

The country’s foreign exchange reforms have created a market-reflective, unified and stable exchange rate, allowing the central bank to rebuild official reserves, now exceeding $37 billion, Sienaert said.

“That’s significant because this is the cushion the economy has against external volatility,” he said.

Sienaert said government revenue rose by 4.5% of GDP last year, a “remarkable achievement” driven by the removal of foreign exchange subsidies, improved tax administration and higher remittances.

The higher revenue helped cut the fiscal deficit to an estimated 3% of GDP in 2024, from 5.4% in 2023. But the full revenue benefit from the removal of the fuel subsidy is also yet to fully materialise, Sienaert said.

Despite the gain, Sienaer warned that Nigeria continues to grapple with high inflation.

He cautioned that tight monetary policy and disciplined fiscal policy must be sustained.

Source: https://www.channelstv.com/2025/05/12/nigerias-economy-grows-strongly-amid-high-inflation-world-bank/

Confused people

[quote author=Racoon post=135339226][/quote]Why don’t always feel sad at Nigeria growth?

You can applaud growth and still support Peter Obi.

Even in the link you shared, our GDP is growing but might not be at the expected rate yet. So what exactly is wrong?

The oluwole data and propaganda Agb.ado ur.chins keep producing won't help them. Their drug dealing boss will still be booted out in 2027.

#Back to Bourdillon

See where Nigeria was back then that they said - it was bad and compare it to the abysmal situation where we are today that they are trying in futility to shove it down our necks.

When you see every paid liar, propagandists and falsehood peddlers of this useless APC government in activated panic-mode spreading falsehood just to shore up the dying image of a morbidly corrupt government, then know that their end has come.

. From the woeful policy somersaults, institutional corruption, fallacy of the working refineries, failed staring of ship of state and many other ills being inflicted upon this nation, it is unfortunate that they have no business in government. Meanwhile, this is what they can never attain.

Good.
It will grow up to 15% soonest.

When the world bank released a negative projection on poverty rate, wailers went to town with it, they always quoting world bank projection. Make we dey watch if dem go dey quote this latest one too. As bitterness no go gree them.

Fastest growth in about a decade

Do you even know the meaning of decade? Decade is 10 years.

Buhari presided for 8 years, Tinubu has presided for 2 years. Both under same APC.

APC has not beaten the record of PDP.

More points from the post

'But the full revenue benefit from the removal of the fuel subsidy is also yet to fully materialise, Sienaert '

'Sienaer warned that Nigeria continues to grapple with high inflation.'



High inflation is a good thing?

SeeAllen:
Confused people

They are not confused.

They have seen things in their sleep you can’t see fully awake and standing.

I keep telling Nigerians: Give this man time to do his job.

You will all benefit hugely in the end. 🧐

The worst days are behind us. Fuel subsidies gone, meaning no more spending $10 billion - a third of our budget - on fuel subsidies, and no more overvalued Naira and dual exchange rate that drove away investors.

Why on Earth will the country not benefit in the long run from these historic restructuring?

There is no other way but UP.

Our major problem is world bank and imf.they wi praise you to hell, what sector of economy is growing?

Racoon:
See where Nigeria was back then that they said - it was bad and compare it to the abysmal situation where we are today that they are trying in futility to shove it down our necks.

When you see every paid liar, propagandists and falsehood peddlers of this useless APC government in activated panic-mode spreading falsehood just to shore up the dying image of a morbidly corrupt government, then know that their end has come.

. From the woeful policy somersaults, institutional corruption, fallacy of the working refineries, failed staring of ship of state and many other ills being inflicted upon this nation, it is unfortunate that they have no business in government. Meanwhile, this is what they can never attain.

Mr Racoon, is it not also true to say that no country from the class of 2015 (featured in your image) show up among the top 16 fastest growing economies this year?

Would it hurt to acknowledge that things might just be moving in the right direction?

Racoon:
See where Nigeria was back then that they said - it was bad and compare it to the abysmal situation where we are today that they are trying in futility to shove it down our necks.

When you see every paid liar, propagandists and falsehood peddlers of this useless APC government in activated panic-mode spreading falsehood just to shore up the dying image of a morbidly corrupt government, then know that their end has come.

. From the woeful policy somersaults, institutional corruption, fallacy of the working refineries, failed staring of ship of state and many other ills being inflicted upon this nation, it is unfortunate that they have no business in government. Meanwhile, this is what they can never attain.

How much is crude oil price then. Please share that too I want to see something.

How can it be propaganda when it’s the same Worldbank making the statement?

Why are you this slow?

Trust the process

Nigeria’s equities market now boasts 11 unicorns, see list

by Idika Aja
May 12, 2025

https://nairametrics.com/wp-content/uploads/2024/01/Untitled-design-45-700x375.png

Naira devaluation fails to dim appetite for NGX large caps as investors push more firms toward unicorn status

The number of Nigerian companies valued above $1 billion has risen to 11, as a strong equities rally continues to lift the valuation of the NGX’s largest players, collectively referred to by Nairametrics as SWOOTs (Stocks Worth Over One Trillion naira).

At the end of April 2025, 11 firms listed on the Nigerian Exchange (NGX) had market capitalizations exceeding N1.55 trillion, crossing the symbolic $1 billion threshold when converted at an average exchange rate of N1,550/$1.

This represents a rise from nine such companies in about a year ago and reflects a growing investor preference for highly capitalized, liquid, and dividend-yielding stocks.

A further seven companies are also knocking on the door, with valuations ranging between N1 trillion and N1.55 trillion, solidifying their place in the SWOOTs category and bringing them within reach of unicorn status in dollar terms.

Fundamentals and capitalization drive the surge

Analysis from Nairalytics, the research arm of Nairametrics, indicates that the current momentum driven by a combination of strong fundamentals and improved capitalization could push more companies across the billion-dollar mark in the second half of 2025.

Many of these SWOOTs posted significantly higher revenues year-on-year, while also raising fresh capital through public offers and rights issues.

These actions not only strengthened their balance sheets but also helped swell their overall market capitalizations.

Billion-dollar club expands

At the top of the list remains Airtel Africa, valued at N8.11 trillion, despite a marginal 1.96% year-on-year decline. The telecoms group returned to profitability in early 2025 with a pre-tax profit of $661 million after a turbulent 2024 marked by currency devaluation losses.

BUA Foods follows with N7.52 trillion, buoyed by robust profit margins and sustained growth in the consumer goods segment.

Dangote Cement and MTN Nigeria come next at N7.29 trillion and N5.09 trillion, respectively, even though Dangote Cement saw a 34% drop in value from the previous year.

Other members of the billion-dollar SWOOTs club include Seplat Energy (N3.35 trillion), Geregu Power (N2.85 trillion), BUA Cement (N2.83 trillion), GTCO (N2.23 trillion), Zenith Bank (N1.96 trillion), Transcorp Power (N1.99 trillion), and Aradel Holdings (N1.947 trillion).

Several of these companies—particularly Seplat, Geregu, GTCO, and Zenith—have attracted investor attention due to their strong dividend history, capital adequacy, and resilience in the face of FX and inflationary pressures.

https://nairametrics.com/wp-content/uploads/2025/05/Picture-1-Picture-3.jpeg

SWOOTs knocking on the unicorn door

Seven other SWOOTs are nearing the $1 billion mark and could cross the threshold with continued market momentum:

Lafarge Africa (WAPCO) – N1.332 trillion
Nigerian Breweries – N1.332 trillion
International Breweries – N1.242 trillion
Access Holdings – N1.199 trillion
UBA – N1.197 trillion
FBN Holdings – N1.041 trillion
Fidelity Bank – N1.001 trillion

Notably, International Breweries recorded a near 900% year-on-year rise in valuation following a significant recapitalization, while Fidelity Bank crossed N1 trillion for the first time after a rights issue and over 120% rise in share price.

Concentrated gains

The rise in unicorns is part of a broader trend of capital concentration on the NGX. By May 9, the top 19 companies accounted for 84% of the NGX’s total market capitalization of N68.35 trillion, underlining the dominance of SWOOTs in shaping market performance.

This skewed distribution highlights investor caution amid ongoing macroeconomic uncertainty, including inflation, currency volatility, and high interest rates. However, for NGX’s largest and best-capitalized firms, these headwinds have been largely offset by strong earnings and investor-friendly policies.

Currency impact softened by recapitalization

While the naira weakened considerably over the past year, many companies mitigated the impact through recapitalization.

Firms such as GTCO, Access Holdings, International Breweries, and Fidelity Bank issued billions of new shares via rights issues and public offers, increasing float and valuation even with modest price appreciation.

In contrast, firms that did not raise capital or fell short on earnings expectations struggled to maintain or grow their market value.

More unicorns likely before year-end?

The expansion of the unicorn list offers insight into the evolving dynamics of Nigeria’s capital markets. Investor interest is becoming more refined, focusing on liquidity, governance, and consistent financial performance.

- If current trends hold, and assuming exchange rate stability, Nigeria could see its number of dollar-valued unicorns exceed 15 by year-end.
- Banking and brewing companies already buoyed by recapitalizations and earnings growth are the most likely to make the leap.
- Outside the NGX, Nigeria also boasts notable unlisted unicorns such as Flutterwave (valued at $3 billion), Interswitch (over $1 billion), Andela ($1.5 billion), Moniepoint ($1 billion), and the Dangote Oil Refinery, which is widely believed to command a multibillion-dollar valuation.

Both Flutterwave and Dangote Oil Refinery have announced plans to list, potentially expanding the pool of billion-dollar companies on the exchange.

Data compiled from NGX filings and market close values as of April 30, 2025.

Source: https://nairametrics.com/2025/05/12/nigerias-equities-market-now-boasts-11-unicorns-see-list

Ok

Lol…and a bag of rice which is the most common food every Nigerian eats moved from 7k to 100k in less than 10 years ? Continue deceiving your Agbado clowns with usual lies and propaganda

Which economy ?

LegendHero:
Source: https://www.channelstv.com/2025/05/12/nigerias-economy-grows-strongly-amid-high-inflation-world-bank/

lies to deceive

another story

LegendHero:
Source: https://www.channelstv.com/2025/05/12/nigerias-economy-grows-strongly-amid-high-inflation-world-bank/

Economy wey dey coma

Awon weréy

This people should stop confusing those in power....they need to see n face reality..not this paper maths world bank and IMF are dishing out everyday which i know APC will use as a campaign tool soon.

The sad truth is that the economy is fading away n people are suffering in the country!

Propaganda wan wound una.

Sometimes you ask yourself, what are the indices used to measure growth.

Racoon:
See where Nigeria was back then that they said - it was bad and compare it to the abysmal situation where we are today that they are trying in futility to shove it down our necks.

When you see every paid liar, propagandists and falsehood peddlers of this useless APC government in activated panic-mode spreading falsehood just to shore up the dying image of a morbidly corrupt government, then know that their end has come.

. From the woeful policy somersaults, institutional corruption, fallacy of the working refineries, failed staring of ship of state and many other ills being inflicted upon this nation, it is unfortunate that they have no business in government. Meanwhile, this is what they can never attain.

Growth is not a constant value.

America just experienced a contraction.

😂😁😂😁😂😁😂😁😂😁😁😁😁😁😁😁

You can all see that even the world bank is amazed at the progress of Nigeria despite the fact that the citizens are dying of starvation and hunger, poverty stricken and hopelessness but the economy heaved a sign of growth. Where does that happen in the modern economy of nowadays. Your people are suffering and in abject poverty but your economy is trying to dance alanta.... 😂 😂....This is really a Voodoo Economics based on the progressive inverse to the agbadorian theorem.

LegendHero:
Source: https://www.channelstv.com/2025/05/12/nigerias-economy-grows-strongly-amid-high-inflation-world-bank/