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Nigerias Economy Records Fastest Growth In A Decade World Bank
~2.6 mins read
Nigeria’s economy recorded its strongest growth in nearly ten years in 2024, driven by a robust fourth quarter and improved government finances, according to the World Bank.
Speaking on Monday, the Bank’s lead economist for Nigeria, Alex Sienaert, revealed that the economy expanded by 4.6% year-on-year in Q4 2024. He added that early indicators show continued growth into 2025, although high inflation remains a major concern.
The World Bank is set to release its Nigeria Development Update report today in Abuja. The bi-annual report provides detailed insights into the country’s economic performance and key policy issues.
The recent economic boost follows significant reforms under President Bola Tinubu’s administration, including the removal of fuel subsidies, reduction of electricity support, and currency devaluation. These measures have contributed to rising prices, though inflation has shown signs of easing.
Annual inflation fell to 23.18% in February 2025—the lowest since June 2023—from 24.48% in January. Food inflation also dropped to 23.51%, its lowest since September 2022. However, core inflation rose to 24.43% from 23.01%, and monthly consumer prices jumped by 3.90% in March, up from 2.04% in February.
The World Bank projects a 3.6% growth rate for Nigeria in 2025. Sienaert also highlighted that foreign exchange reforms have led to a more stable and unified market, allowing the central bank to rebuild reserves, which now exceed $37 billion.
Government revenue rose significantly in 2024, reaching 4.5% of GDP—an improvement credited to the end of FX subsidies, better tax collection, and higher remittances. This helped reduce the fiscal deficit to about 3% of GDP, down from 5.4% in 2023. However, Sienaert noted that the full revenue gains from subsidy removal are yet to be fully realized.
He warned that despite fiscal progress, high inflation remains a persistent threat and urged the continuation of tight monetary and fiscal policies to maintain stability.
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Student Loan Scheme Failing, It Mustnt
~2.8 mins read
THE recent exposé concerning the misgovernance of funds under the Nigerian Education Loan Fund is deeply troubling. President Bola Tinubu, his Education Minister, Tunji Alausa, and the Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, must probe the scheme and ensure its success. The student loan scheme must not fail. Media reports allege that some universities may be conspiring with banks to withhold disbursed loan funds meant for indigent students. NELFUND says it has disbursed N45.1 billion in loans to undergraduates from inception in May 2024 to March 2025. In a meeting with Sawyerr, the Director-General, National Orientation Agency, Lanre Isa-Onilu, said the recent activity of the NOA community orientation and mobilisation officers discovered that tertiary institutions were suspected to collude with banks to delay student loan payments. He said some institutions had failed to acknowledge funds sent to them by NELFUND, pointing out that these institutions deliberately delay the deployment of loans to offset tuition fees to the disadvantage of beneficiaries. This translates to the fact that the delayed deployment of the funds is warehoused in banks for corrupt gain. Meanwhile, students, unaware that their fees have been paid, continue to face harassment from school authorities, including threats of being barred from exams. This exploitation undermines the very purpose of the scheme, a landmark initiative of the Federal Government designed to alleviate the financial burdens of students. The loan process, structured to prevent diversion of funds by students, has instead created loopholes for corruption. Funds are released from NELFUND to banks, then to universities, bypassing students to ensure tuition is paid directly. However, some university officials and bankers have turned this into an opportunity for fraud. Students remain powerless, unaware that their loans have been disbursed. This mirrors Nigeria’s broader struggles with accountability, where public programmes are routinely hijacked for private gain. The government must fight corruption with clean hands to conquer it across every sector of national life. For this scheme to succeed, NELFUND must publish a verified list of beneficiaries, enabling students to confirm their loan status and demand accountability. Also, a digitised system should track disbursements from NELFUND to banks and universities, with notifications sent to students upon payment. Students should receive SMS or email alerts confirming loan disbursements, reducing opportunities for exploitation. Crucially, there should be swift punishment for offenders. The Independent Corrupt Practices and Other Related Corrupt Offences, Economic and Financial Crime Commission, and the self-styled Department of State Services must collaborate to investigate and prosecute corrupt university officials and bankers. The NOA should not just condemn corruption but actively expose culprits. This will serve as a deterrent to other university officers and institutions. While the student loan scheme is commendable, it cannot be the sole solution to Nigeria’s education crisis. The government must fund bursaries, scholarships, and infrastructure investments in existing institutions to expand investments in the sector. Furthermore, the government must halt the needless expansion of institutions in the country. Approving new universities while neglecting the infrastructural, research and learning needs of current ones is irresponsible. The government must prioritise funding and quality over quantity. Nigeria must borrow a leaf from the books of other countries with successful student loan programmes. It must study and emulate successful loan systems in the US and UK, adapting best practices to Nigeria’s context. The NELFUND is a litmus test for the government’s declared commitment to reforming education. If allowed to fail like past development initiatives, such as Operation Feed the Nation, it will not only betray Nigerian students but also reinforce the culture of impunity. Tinubu must ensure NELFUND is insulated from corruption, with strict oversight and consequences for failure. Education is the foundation of national development; those who sabotage it must face the full wrath of the law.
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