By Elisha Bala-Gbogbo
ABUJA, Feb 27 (Reuters) – Nigeria’s economic growth picked up slightly in the fourth quarter of last year, reaching 4.07% year-on-year, following an improvement in both oil and non-oil sectors, data showed on Friday.
The growth rate was faster than the third quarter’s 3.98% reading but short of ambitious targets set by President Bola Tinubu for Africa’s most populous nation.
The National Bureau of Statistics said the oil sector grew 6.79% year on year and the non-oil part of the economy expanded 3.99%.
Since taking office in 2023, Tinubu has scrapped costly fuel and power subsidies, devalued the naira currency and overhauled the tax system to try to strengthen public finances and boost growth.
He has urged Nigerians to back the measures, which have exacerbated economic hardship for many, calling them a “once-in-a-generation” reset.
Nigeria’s average daily oil production stood at 1.58 million barrels per day in the final three months of 2025. That was lower than the third quarter’s output of 1.64 million bpd but higher than the 1.54 million bpd in the fourth quarter of 2024.
(Reporting by Elisha Bala-Gbogbo;Editing by Alexander Winning and Barbara Lewis)
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