Nigeria

Nigeria is a country with significant economic scale and strong demographic momentum, playing a central role in Africa’s development trajectory. In 2024, the economy recorded a real GDP growth rate of 4.06%, reflecting gradual expansion despite domestic and external pressures, while inflation reached 31.43%, highlighting persistent macroeconomic challenges and pressures on household purchasing power. With a population of 232.70 million, Nigeria’s GDP reached USD 251.10 billion in 2024, confirming its status as one of the largest economies on the African continent. Despite its considerable economic weight, the country continues to face important human development challenges: the Human Development Index stands at 0.56 (2023), placing Nigeria below the global average. Employment among individuals aged 15 and above is relatively high at 82.64%, although a substantial share of this employment is concentrated in informal and low-productivity activities, particularly in agriculture and small-scale trade, rather than in higher-value formal sector employment.