This goal is audacious, yet wholly achievable, rooted in the nation’s greatest asset: its dynamic and youthful population.

With a median age well below the global average, this demographic dividend is a reservoir of creativity, entrepreneurship, and innovation, the very fuel for an economic explosion.

However, harnessing this potential requires more than just ambition; it demands inclusive capital. Today, the brilliant ideas generated by young Nigerians- from tech startups to agri-business ventures, often stall due to a fundamental challenge: access to finance.

Mr. Wale Edun, minister of Finance and the coordinating minister of the Economy, recently amplified this imperative, urging financial institutions to actively finance the ideas of young Nigerians, warning that failure to do so risks pushing this talent into unregulated, unproductive ecosystems.

This official focus underscores a critical truth: financial inclusion is the priority driver for meeting the $1 Trillion target.

Despite Nigeria’s status as a continental leader in technology adoption, a significant portion of its adult population remains financially underserved.

Recent surveys show that the total gap, those entirely excluded or reliant only on informal systems, stands at 36%, representing approximately 40 million productive individuals.

This population includes 26% of adults who are fully cut off from the formal system, while another 10% rely solely on informal services.

Persistent gaps are especially pronounced across regional and demographic lines, particularly in the North and among low-income groups.

Relegated largely to the informal economy, these millions of people are unable to save securely, build credit, or access the capital needed for scale.

While mobile penetration, agent networks, and digital onboarding are actively narrowing the divide, sustained progress in inclusion-driven growth fundamentally demands access to credit.

Despite an observed increase in account ownership, Nigeria’s credit penetration remains notably shallow, registering between 13% and 19% of GDP, which is among the lowest globally and limits critical economic growth vectors, particularly for MSMEs and household consumption.

This low credit-to-GDP ratio highlights a significant underdevelopment in the domestic credit market.

In contrast, regional African peers like Kenya and Egypt have credit ratios roughly twice as high, sitting between approximately 31% and 37%, supported by increasingly data-driven lending models that are more effective at reaching small businesses.

Emerging global economies such as India and Brazil boast deep credit markets, where penetration reaches between 53% and 62%, providing the financial leverage necessary for robust private-sector expansion.

The extreme of the scale is occupied by nations with mature financial infrastructure, like South Africa, where the credit penetration rate is approximately 90% of GDP, underscoring the distance Nigeria must travel to unlock its full economic potential through a diversified and accessible lending base.

The opportunity lies in the digital revolution. With mobile phone usage soaring (over 93% of adults), the physical barrier of the bank branch has been rendered obsolete.

Fintech companies in Nigeria have brilliantly seized this moment, leveraging mobile technology and data science to catalyze inclusion.

Digital access alone, however, is insufficient. The engine for sustained economic growth is authentic financial inclusion, characterised by fairness and transparency.

Without these twin values, digital finance risks replacing physical exclusion with predatory models, characterised by hidden charges and opaque terms that ultimately erode trust, leading to financial distress and a retreat from the formal economy.

To truly empower the populace and grow the GDP, every transaction must build, not break, the customer’s financial life.

This is the principle that elevates financial services from a mere utility to a foundation of national economic strength.

This commitment to fairness is precisely where FairMoney acts as a crucial lever for the national ambition.

Operating as a licensed microfinance bank providing financial services through our mobile app, FairMoney’s model directly tackles the barriers to entry by making every interaction transparent and efficient.

Our commitment to “no hidden charges” means customers understand the full cost of credit upfront, fostering a responsible borrowing culture.

We leverage innovation to serve the excluded. We focus on accessibility and speed to enable instant account opening and rapid loan approvals by leveraging alternative data and advanced scoring algorithms, using technology for operational efficiency, such as Maps for remote operational address verification.

Beyond loans, we offer full-service banking with bank account numbers, competitive Fixed Deposits with good interest rates on savings, instant bill payments, and specialized services like POS services for small businesses. Our savings products, designed to track and build wealth, incentivize long-term financial health.

By providing these robust services with speed and transparency, FairMoney is not just offering a product; we are committed to digitally onboarding millions of Nigerians into a trusted, formal economic identity.

The impact of this fair digital model ripples across the economy, directly powering the $1 Trillion objective. A small business owner who secures a transparent, low-friction loan can instantly purchase inventory, hire staff, and expand operations.

This immediate injection of capital and increased velocity of money—made possible by digital speed and trust-translates directly into higher output and taxable revenue, boosting GDP.

Also, by offering competitive savings and fixed deposit rates, we successfully mobilise capital that might otherwise sit dormant or be held in informal, non-productive assets.

This pooled capital becomes the investment bedrock needed to fund the larger infrastructure and industrial projects essential for the 2030 target.

When entrepreneurs can access transparent loans or savings in a crisis, they prevent business collapse, maintaining employment and economic continuity. This resilience ensures that economic shocks do not derail the cumulative progress toward the national goal.

Authentic financial inclusion acts as a social safety net. Fairness in finance, therefore, is not a philanthropic ideal; it is a sound economic strategy. It ensures that the millions of productive economic units, especially the youth and the underbanked, are not just spectators but active, invested contributors to the nation’s growth story.

The path to a $1 Trillion economy is clear: it must be built on the principle of inclusion. This ambition will be realized by empowering the underbanked financially and leveraging digital solutions to dramatically improve access to finance across Nigeria.

Financial institutions must champion Fair Digital Access, a commitment to innovation that FairMoney is already pioneering.

In the digital age, trust is the new currency. To fully unlock Nigeria’s trillion-dollar destiny, we must earn this trust through consistent value, transparency, and the fair and equitable deployment of financial capital.

The post Why Fair Digital Access Is the Foundation of Nigeria’s $1 Trillion 2030 Roadmap appeared first on Tech | Business | Economy.

His journey is not just about writing code but about rewriting the rules of digital trust. At a point when enterprises are hesitant about blockchain due to privacy and security concerns, he is initiating solutions that make smart contracts not just functional but secure, private, and enterprise set.

Smart contracts, once acclaimed as the future of automation, have a fundamental flaw. They are transparent by design. Every participant in a blockchain network can view the contract’s logic and, in most cases, its data.

This is great for public accountability but terrible for businesses that handle sensitive information. Financial institutions, healthcare providers, and supply chain managers cannot afford to expose proprietary data to all network participants.

Enterprises demand both immutability and confidentiality. Two requirements that have historically been at odds in blockchain environments. Until this very moment.

Abednego Edet Okon’s work discusses extensively confidential computing to connect this gap. Confidential computing is an approach that moves room and computations to occur in a secure, secured environment known as a Trusted Execution Environment (TEE).

These TEEs ensure that sensitive data remains secured, even during processing.

The result? Smart contracts that execute their logic without revealing underlying data to unauthorized entities.

Abednego has been at the centre of integrating confidential computing frameworks, such as Intel SGX and AMD SEV, into blockchain networks.

His methods allow enterprises to deploy smart contracts that process encrypted data without exposing trade secrets, customer records, or proprietary algorithms to other 3 parties on the network.

Breaking Down the Innovation

1. Data Privacy Without Trusting Validators

Conventional smart contract platforms rely on network validators to execute code. But validators see everything.

By using TEEs, Abednego’s model ensures that even validators cannot access private contract data. Only authorized participants with the appropriate keys can decrypt specific outputs.

2. End-to-End Encryption for Enterprise Adoption

• Most blockchain networks encrypt data at rest and in transit but leave it exposed during computation. Abednego’s solution ensures encryption remains intact throughout the lifecycle of a smart contract, making blockchain suitable for industries bound by strict regulatory systems in space.

3. Multi-Party Computation for Collaborative Trust

• With his architecture, multiple enterprises can engage within a blockchain ecosystem without compromising proprietary information. Financial institutions, for example, can confirm transactions and also carry out reconciliations without disclosing full account details to third parties..

The request for blockchain solutions in enterprises is expanding, but security concerns have kept adoption at bay.

Abednego Edet Okon’s work is setting a new precedent: blockchain does not have to be all-or-nothing when it comes to transparency.

His impact and contribution are helping enterprises embrace blockchain without compromising on privacy.

His recent implementations have already demonstrated success in supply chain security, healthcare data sharing, and inter-bank settlement systems.

By making confidential computing a standard impact of blockchain architectures, he is ensuring that privacy and decentralization are no longer opposing forces but complementary ones.

The next step? Scaling these innovations to more enterprise-grade blockchain frameworks. Abednego is currently working on refining privacy-preserving consensus mechanisms and expanding confidential smart contract capabilities to multi-chain ecosystems.

His work is not just about solving today’s problems; it’s about future-proofing blockchain for the next wave of enterprise adoption.

Blockchain was never meant to be a trade-off between security and transparency. As a result of the Abednego Okon Edet impact, enterprises no longer have to decide.

The post Blockchain and Confidential Computing | Enabling Secure and Privacy-Preserving Smart Contracts for Enterprise Applications appeared first on Tech | Business | Economy.

This call was made at the Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in Lagos on 28 February 2025. Organised in collaboration with Citi, the event gathered compliance officers, trade operations specialists, and correspondent banking teams to discuss emerging financial risks and regulatory expectations.

Shola Phillips, special adviser to the CBN Governor on Compliance, stressed that Nigerian banks must adhere to evolving international compliance standards to maintain credibility and sustain correspondent banking relationships. 

“Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that are responsive to the evolving financial environment. Proactive engagement with regulatory developments and the integration of innovative compliance solutions is essential for institutions to meet these expectations effectively,” she stated.

Phillips warned that failure to strengthen compliance frameworks could lead to repercussions from international financial institutions, limiting Nigerian banks’ access to global banking networks.

At the workshop, global financial experts noted the importance of rigorous compliance measures in mitigating financial risks.

Siobhan Ni Ealaithe, managing director of Citi’s Correspondent Banking Group, spoke on the role of governance structures in preventing illicit financial activities. She noted that compliance protocols such as Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) were critical in enhancing financial transparency.

Stephanie Bailey, head of EMEA AML Risk Management for Foreign Correspondent Banking, revealed that an estimated $3 trillion in illicit funds flow through the global financial system annually. 

She urged Nigerian banks to adopt advanced due diligence processes and technology-driven risk assessments to stay ahead of financial crime threats.

The Central Bank of Nigeria reaffirmed its determination to uphold strict regulatory standards to protect Nigeria’s financial ecosystem. Governor Olayemi Cardoso, in a statement, stressed that regulatory compliance is fundamental to maintaining trust and stability in the financial sector. 

“A strong financial system is built on trust, and trust is earned through integrity and compliance. The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices,” he said.

As part of its work to strengthen oversight, the apex bank is intensifying supervision, deploying digital monitoring tools, and ensuring that Nigerian banks adopt proactive compliance strategies.

The post CBN Demands Stronger Compliance as $3 Trillion in Illicit Funds Threaten Global Financial Stability appeared first on Tech | Business | Economy.

However, this revolution is marked by a significant increase in the number of cyber threats targeting financial institutions.

Cybercriminals exploit weakness in digital banking platforms, fintech platforms, and mobile payment networks, leading to huge financial losses, data breaches, and reputational damage.

Artificial Intelligence (AI) is emerging as a vital tool in strengthening cybersecurity defenses within the financial sector.

By leveraging AI-powered security solutions, financial institutions can enhance fraud detection, automate threat responses, and safeguard customer data.

This article featuring Philip Aiwekhoe, explores how AI is playing a key role in shaping the future of cybersecurity in Africa’s financial ecosystem, thereby providing a roadmap for financial organizations to stay ahead in the face of emerging cyber threats.

Emerging Cybersecurity Threats in Africa’s Financial Sector are as follows

According to the expert opinion Philip Aiwekhoe, the chief information security officer,  NPF Microfinance Bank Plc, who stated that “Digital frauds and Scams, ransomware and malware attacks, insider threats, third party risks and regulatory non-compliance are the proceeding cybersecurity threats to Africa’s financial sector”.

Digital fraud and scams – Phishing, account takeovers, and SIM swap fraud are rising astronomically due to increased digital transactions.

Ransomware and malware attacks – Cybercriminals target financial systems to encrypt or steal sensitive data, demanding ransom payments.

Insider threats – Employees or partners with unrestricted access to financial systems may compromise data security, intentionally or unintentionally.

Third-party risks – Weak security in fintech startups and other third-party service providers creates huge vulnerabilities risk for most banks and financial institutions.

Regulatory non-compliance – Financial institutions must comply with data protection laws (e.g., Nigeria’s NDPR, Kenya’s Data Protection Act) and international standards like PCI DSS and GDPR.

How AI is Transforming Cybersecurity in the Financial Ecosystem

He also stated that while they are risks associated with the adoption of AI, there are benefits that AI brings in cybersecurity such as:

Fraud detection and prevention – AI-powered algorithms analyze transaction patterns to detect anomalies and prevent fraudulent activities in real-time.

Automated threat detection and response – AI-driven security solutions identify cyber threats faster than traditional systems, reducing response times and enhancing threat analysis.

Behavioral analytics – Machine learning models monitor user behavior, flagging suspicious login attempts or transactions.

Advanced anti-phishing solutions – AI ensure proactive detection and blocking of phishing attempts targeting employees and customers.

Regulatory compliance automation – AI simplifies compliance monitoring by identifying regulatory violations and ensuring adherence to cybersecurity standards.

Challenges in the adoption of AI in cybersecurity

When asked about what he thinks are the challenges of adopting AI in cybersecurity, Philp added that “ Concerns around data privacy, increased adoption of AI by threat actors, Limited knowledge and expertise as well the huge costs of implementation are some of the biggest challenges.

Data privacy concerns – AI models require vast amounts of data, thereby raising concerns about data protection, privacy and compliance.

Threat Actors using AI – Hackers are also using AI to develop more sophisticated attacks, increasing the need for continuous innovation.

Limited AI expertise – The shortage of AI and cybersecurity professionals in Africa slows adoption of AI and Cybersecurity in the financial ecosystem.

Huge implementation costs – AI-driven security solutions require significant investment in infrastructure and expertise.

Strategic Roadmap for Financial Institutions

In Philip Aiwekhoe ‘s opinion, AI and Cybersecurity Strategy that align with the business strategy will enable financial institutions to adopt a structured approach.

1. Ensure Compliance with Cybersecurity Regulations

Align with African and global financial cybersecurity regulations such as: Nigeria’s NDPR, Kenya’s Data Protection Act, South Africa’s POPIA, PCI DSS (for payment security), GDPR (for international transactions); Implementation of AI-driven compliance monitoring tools to detect and report regulatory violations.

2. Implementation of AI-Driven Fraud Detection and Prevention:

Using AI to analyze real-time transaction data for suspicious patterns, Deployment of machine learning models to detect account takeovers, money laundering, and insider fraud; Enhance mobile banking security by monitoring biometric authentication and user behaviour.

3. Strengthen Cybersecurity Awareness and Training:

Conduct regular employee and customers cybersecurity awareness to prevent phishing and social engineering attacks and best practices to reduce fraud risks; Implement strict access controls to minimize insider threats.

4. Invest in AI-Powered Security Operations Centers (SOCs):

Deploy AI-enhanced SOCs for enhanced monitoring, detection, and response to cyber threats in real-time with automated security alert triage to reduce the workload on human analysts.

5. Collaborate with Fintechs and Cybersecurity Firms:

Collaboration with AI-powered cybersecurity firms to enhance security infrastructure with support from local AI and cybersecurity startups to develop solutions tailored to Africa’s financial sector.

6. Adopt a Multi-Layered Security Approach:

Combine AI with traditional security measures with the adoption of multi-factor authentication (MFA) for banking transactions, strong encryption for data storage and transfers; alongside AI-powered endpoint security for mobile banking applications.

7. Prepare for the Future of AI-Driven Financial Security:

Staying updated on emerging AI cybersecurity technologies, such as quantum cryptography and blockchain-based security with adequate investment in AI research and development to create locally relevant cybersecurity solutions, will help build a cybersecurity-first culture financial institution to stay resilient against evolving threats.

Philip Aiwekhoe ‘s final words:

“As Africa’s financial ecosystem continue to evolve with rapid digital transformation, AI-powered cybersecurity solutions will play a critical role in ensuring the protection of businesses and customers. Financial institutions must proactively adopt AI-driven security measures, invest in cybersecurity talent, and ensure regulatory compliance. By following this roadmap, banks, fintech’s, and financial providers can enhance their cybersecurity posture, mitigate risks, and build trust in Africa’s digital financial ecosystem”.

The post The Future of AI and Cybersecurity in Africa | Philip Aiwekhoe Shares Roadmap for Financial Institutions appeared first on Tech | Business | Economy.

Even with countless empowerment programs, policy statements, and international pledges, the gender gap in financial access is still as stubborn as ever. 

In fact, according to the World Bank, women in sub-Saharan Africa are 20% less likely than men to have a bank account. Meanwhile, gender bonds—seen as an indispensable financial tool—are struggling to scale, leaving many to wonder: are we making real progress, or just perfecting the art of well-intentioned rhetoric?

At the Gender Bonds Toolkit Dissemination Workshop hosted by FSD Africa in partnership with UN Women, Techeconomy sat down with Ms. Beatrice Eyong, UN Women’s Country Representative in Nigeria, to cut through the noise. 

She shared unfiltered insights into the roadblocks hindering gender-focused financial solutions, the role of UN Women in policy advocacy, and the real steps needed to ensure financial equity isn’t just a buzzword but a reality for women in Africa’s underserved communities.

Challenges in Scaling Gender-Focused Financial Solutions in Africa

TE: Several initiatives have been launched to empower women and bridge the gender gap, but the difference is still wide. What are the biggest challenges in scaling gender-focused financial solutions across Africa? What are we overlooking that continues to widen the gap?

BE: One of the primary challenges is that certain individuals fail to recognise that there’s a gap. Some people do not fully understand the persistence of gender inequalities, which are deeply entrenched in our traditions and cultures, where women are often not regarded as economic actors. Instead, they are frequently viewed as consumers rather than contributors to economic development.

Cultural and traditional norms hinder women’s involvement in business. In some regions—though I cannot speak specifically for Nigeria—it may require a woman’s husband’s consent to open a bank account, and to access a loan, she may need the approval of a male relative, such as her father, husband, or elder brother.

Again, the criteria for accessing loans are often tied to land ownership, an asset that women typically have limited access and control over. As a result, women are unable to independently manage land resources or make decisions about their use of land. This emphasises the need for transformative, innovative financial systems, mechanisms, and procedures to help women overcome these obstacles.

Even within financial institutions, women are often seen as small-scale or micro-business owners, rather than major economic players. However, the work we’ve been doing for years is now paying off, as even banks and financial institutions are beginning to recognise the gap and the obstacles. They are increasingly recognising that supporting women is not merely an act of charity but an essential business imperative.

If we want to be truly effective in all sectors of economic development, it is crucial to involve women. They bring unique perspectives, expertise, and management strategies. Thus, these obstacles are deeply rooted in how society perceives women, and that is what we are working to change.

How UN Women Influence Policies for Gender Equality

TE: How has UN Women been able to influence policies aimed at advancing gender equality, particularly in Africa, where there are cultural and systemic barriers?

BE: We have three main approaches:

1. Strengthening Normative Frameworks – These are the global, continental, and regional legal frameworks that establish the standard for gender equality. You must have heard of conventions, resolutions, treaties, and judicial texts.

Nigeria, for example, has ratified 75% of these frameworks. The problem is domestication—that is, ensuring these frameworks are implemented at the national and state levels. Even when a policy is accepted at the federal level, each state must also adopt it independently. Some states say, “No, we don’t want to do this,” while others proceed with implementation.

A clear example of this is the Violence Against Persons Prohibition (VAPP) Act. Although it was passed at the Federal level, advocacy efforts at the state level were still necessary. This involved engaging with Governors and collaborating with various organisations to facilitate the adoption of the Act.

Additionally, even when policies are established, there may be a lack of awareness among the public about their rights, and the individuals responsible for implementing these policies may not fully understand their duties. Therefore, a significant portion of our work is focused on raising awareness, sensitising communities, and building the capacity of key stakeholders to ensure that gender equality policies are effectively enforced.

2. Coordinating Gender Equality and Women’s Empowerment – Many organisations and institutions work on gender equality, but usually in silos, leading to duplication of efforts and inefficient use of resources.

We coordinate efforts at different levels:

• Within the UN system to hold ourselves accountable
• Among development partners, ensuring they align their efforts
• At thematic levels, focusing on economic empowerment, gender-based violence, women in politics, and financial inclusion
• At the state level, we have set up 36 coordination mechanisms to ensure gender equality work is sustained beyond Abuja.

Through this coordination, we advocate for increased women’s representation, better funding, and stronger policies. Some Governors have responded positively, even doubling budget allocations for gender initiatives, though we still face challenges in the actual disbursement of funds.

3. Implementing Operational Mandates – We run programs directly on the ground. Sometimes we take catalytic actions to demonstrate what is possible, and other times we scale up existing solutions.

• We work on women’s participation in governance and leadership, ensuring women benefit from and contribute to governance at all levels.
• We focus on economic empowerment, mobilising financing for gender equality, supporting women entrepreneurs, and pushing for affirmative procurement policies. In Kaduna and Lagos, for instance, our advocacy led to 30% of public contracts being allocated to women entrepreneurs.
• We tackle gender-based violence, which is often underestimated but has serious economic implications. Studies show that 30% of Nigerian women report experiencing gender-based violence, affecting productivity and economic growth.
• We work in women, peace, and security, ensuring that women’s concerns are integrated into humanitarian response plans, particularly since 70-80% of displaced persons are women and children.

Ensuring Tangible and Long-Term Impact for Women in Underserved Communities

TE: How do you ensure that investments in gender-focused initiatives become tangible and long-term improvements for women and children, especially in underserved communities?

BE: We invest in what we call One-Stop Centres. These centres bring together different UN agencies and local actors to provide holistic, integrated support for victims of gender-based violence.

Through these centres, women can access:

• Psychosocial support to help them recover emotionally and mentally
• Legal referrals to ensure they receive justice
• Medical services for physical recovery
• Economic empowerment programs to help them rebuild their lives

UN Women also works to combat stigma, which often prevents survivors from speaking out or seeking help. Stigma should not be on the women—it should be on the perpetrators. Women should not be shamed for what they have endured.

Beyond direct services, we focus on policy advocacy and capacity-building to ensure that gender-sensitive approaches become embedded in governance, economic planning, and humanitarian responses. This is how we can create sustainable and meaningful change.

Final Thoughts

Hence, achieving true financial inclusion for women in Africa demands more than well-meaning discussions and policy statements—it requires systemic implementation. 

While gender bonds and financial programs can help, they must be backed by structural reforms, stronger policy implementation, and a focus on societal perceptions about women’s economic roles. 

According to Ms. Beatrice Eyong, empowering women is not a charitable act. Until financial systems are genuinely inclusive, women will remain marginalised, waiting for the opportunity to participate in the game (economic systems) they rightfully deserve to play. 

The post Gender Bonds and Women’s Empowerment: A Conversation with Beatrice Eyong of UN Women appeared first on Tech | Business | Economy.

Showing improvement over the 3.19% growth seen in the second quarter of the year, the increase was primarily driven by the performance of the services sector, which contributed to the overall economic expansion.

As revealed in the latest report from the National Bureau of Statistics (NBS), the services sector grew by 5.19% in Q3 2024, accounting for 53.58% of the total GDP. The telecommunications sector, information services, and financial institutions led the growth. 

These sectors have benefitted from increased demand for digital services and connectivity, as digital transformation continues to be the order of the day across the country.

In contrast, the agricultural sector saw slower growth, with a 1.14% increase in real terms, which is a slight dip from the 1.30% growth in Q3 2023. Crop production was a key contributor to food security and rural employment.

The industrial sector also recorded a stronger performance, growing by 2.18%, a rebound from the 0.46% growth in the same quarter last year. 

This improvement was driven by increased activity in the mining and quarrying subsectors, particularly crude petroleum and natural gas production, alongside modest gains in manufacturing and construction.

The oil sector saw year-on-year growth of 5.17%, marking a recovery from the -0.85% contraction in Q3 2023. However, this growth was slower compared to the 10.15% posted in the previous quarter. 

Nigeria’s average daily oil production increased to 1.47 million barrels per day (mbpd), up slightly from 1.45 mbpd in Q3 2023. The oil sector’s contribution to the total GDP stood at 5.57%, which is an improvement from the previous year but slightly down from Q2 2024.

In terms of nominal GDP, Nigeria’s economy reached N71.13 trillion in Q3 2024, a 17.26% increase from the N60.66 trillion recorded in the same period in 2023. This shows a combination of higher inflation and increased economic activity across various sectors.

The non-oil sector still tops Nigeria’s economy, accounting for 94.43% of GDP in Q3 2024, a slight decrease from 94.52% in the previous year but an increase from 94.30% in the second quarter. 

This sector’s growth was driven by solid performances in financial services, telecommunications, agriculture, transport, trade, and construction.

The government has also outlined plans to rebase the country’s Consumer Price Index (CPI) and GDP by 2025, to improve policy formulation and boost investor confidence. 

This rebase is expected to provide a more accurate reflection of Nigeria’s economic activities and support future growth.

The post Nigeria’s GDP Grows by 3.46% in Q3 2024 | 5.19% Expansion in Services | 2.18% Increase in Industry appeared first on Tech | Business | Economy.