By BoomNews24Editorial Team
Nigeria’s economy is back on a strong growth path. According to recent data, the nation’s GDP expanded by 3.4% in 2024, marking the fastest growth in nearly ten years.
Economic reforms, including the removal of fuel subsidies and the unification of the foreign exchange market, have stabilized public finances and restored investor confidence.
The Central Bank also announced a $6.83 billion balance of payments surplus, ending years of deficits and showcasing Nigeria’s renewed financial strength.
Oil and Gas Sector Rebounding
Under the government’s “Project One Million Barrels” initiative, oil production and drilling activity have surged. The number of active rigs rose from 31 to 50 in just seven months, signaling fresh momentum in the energy sector.
This progress has attracted over $5.5 billion in investments, expected to increase national output by 200,000 barrels per day. The revival of Nigeria’s oil and gas sector is boosting revenue and jobs, restoring global investor confidence.
International Support and Investment Confidence
The African Development Bank (AfDB) has pledged an additional $500 million in 2025 to support Nigeria’s economic reforms. This comes as part of a broader $1 billion financial support program recognizing Nigeria’s renewed policy direction.
Nigeria is also preparing to launch its first-ever global Sukuk bond and raise $2.3 billion in new financing — a move that highlights growing global trust in Nigeria’s fiscal reforms.
Empowering Local Industries
The Nigerian government has placed a temporary ban on the export of raw shea nuts, encouraging local processing to create jobs and retain value within the country.
This “pro–value addition” approach aims to transform Nigeria’s raw material economy into one powered by innovation, production, and entrepreneurship.
Innovation, Technology & Social Impact
Innovation continues to thrive in Nigeria. Under Minister Nnaji’s leadership, groundbreaking initiatives are underway:
- Project Green: Africa’s first methanol and hydrogen complex
- Insulin Production Facility: The first of its kind on the continent
- AI-Powered Health Systems: Enhancing patient monitoring and care efficiency
- Clean Energy Projects: Expanding access to sustainable cooking and power
Nigerian youth are also setting global records — including a teen artist who recently entered the Guinness World Records for creating the largest painting in the world (over 12,000 square meters) to raise awareness for autism.
A Nation on the Rise
From economic reforms to creative achievements, Nigeria is proving that resilience and innovation can lead to real progress.
At BoomNews 24, we celebrate stories of growth, hope, and transformation—because this is the Nigeria we believe in:
A nation full of purpose, power, and unstoppable potential.
