kakaki 
Nigeria’s dollar GDP rose by 22 per cent to about $307bn in 2025, driven by stronger economic output and a firmer naira, according to a report by Quartus Economics.
“In 2025, Nigeria’s dollar GDP expanded 22 per cent. This comprises an 18.43 per cent growth in nominal GDP and a three per cent appreciation of the naira,” the report stated.
The report, titled Nigeria on the Rise Again, noted that the country’s gross domestic product measured in dollars increased from about $252bn in 2024 to $307.5bn in 2025, reflecting a recovery from earlier declines and placing the economy back above the $300bn mark.
It explained that the improvement was supported by both domestic output expansion and exchange rate movements, with nominal GDP rising from N372.8tn in 2024 to N441.5tn in 2025. Within the same period, the average exchange rate appreciated from N1,479/$ to N1,436/$, contributing about three percentage points to the overall dollar GDP growth.
According to the report, the appreciation of the naira was calculated based on the increase in the dollar value of one million naira from $676.13 in 2024 to $696.38 in 2025, representing a gain of about 3 per cent.
The analysis showed that Nigeria’s performance exceeded the Sub-Saharan Africa average dollar GDP growth of 10.33 per cent and outpaced several major African economies, including South Africa, Egypt, Algeria, Kenya, Senegal, Cote d’Ivoire, Tanzania, Morocco and Angola, with only Ghana recording stronger growth at 37.7 per cent.
It added that Nigeria accounted for nearly 28 per cent of Africa’s total GDP growth in dollar terms in 2025, making it a major contributor to the continent’s expansion. Beyond Africa, the report stated that Nigeria’s dollar GDP growth exceeded that of several emerging economies such as Bangladesh, Indonesia, Turkey, Thailand, and Mexico during the review period.
The report also showed that Nigeria’s share of Africa’s GDP increased to about 14.43 per cent in 2025 from roughly 13.05 per cent in 2024, indicating a gradual improvement in its relative economic position on the continent.
On income levels, the report noted that GDP per capita rose by 19.5 per cent to $1,295 in 2025 from $1,083 in 2024, as economic growth outpaced population expansion. It stated, “Despite a population growth of 2.1 per cent, which implied the country added 4.8 million people during the year, the country’s GDP per capita still grew 19.5 per cent in $ terms.”
The report highlighted that the increase in per capita income exceeded the Sub-Saharan Africa average of about 7.7 per cent and also surpassed growth levels in countries such as South Africa, Egypt, Algeria, and Morocco, although Ghana recorded a contrasting decline in per capita terms.
It further noted that Nigeria’s per capita GDP, while still below that of many peer economies, improved relative to regional and global benchmarks. For instance, Nigeria’s per capita income rose to about 72.8 per cent of the Sub-Saharan Africa average in 2025, up from 65.7 per cent in 2024.
Similarly, the country’s per capita GDP as a share of the average for 12 major African economies increased to over 40 per cent, while its proportion relative to selected developing economies rose to nearly 30 per cent.
The report attributed the improvement in both GDP and per capita income to a combination of factors, including currency stability, steady production growth, and moderating population expansion.
It noted that currency stability has played a key role in supporting real incomes and wealth preservation, especially after previous years when exchange rate volatility affected economic outcomes.
