Nigeria: 4.1% Growth, but 100 Million People Food Insecure

Nigeria's economy grew by 4.1% in 2024, driven by services, agriculture, and a rebound in the oil sector, despite inflation reaching 33.2% and the naira collapsing. The number of Nigerians facing food insecurity increased from 66.2 million to 100 million in one year, highlighting a stark contrast between economic growth and social hardship. The service sector accounts for 55.5% of GDP, with advances in telecommunications, entertainment, and financial services, while agriculture's contribution rose to 28.8%. The devaluation of the naira and rising inflation have increased living costs, especially in food and transportation.