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Nigeria's Economy Expands by 3.40% in 2024 | Q4:2024 & 2024FY GDP Report

Despite the tough macroeconomic environment that we experienced in 2024, the Nigerian economy stood strong and grew by 3.40% YoY, a faster rate compared to 2023 (2.74% YoY). For context, in 2023, inflation averaged just 24.52% (vs. 2024 average: 33.18%), exchange rate averaged NGN645.92/USD (vs. 2024 average: NGN1,479.68/USD) and interest rate stood at 18.75% (vs. 2024: 27.50%), yet the economy grew faster in 2024 than in 2023.

How? You might ask.

In our report, we delve into the key drivers of economic growth in both the last quarter of 2024 and the full year, and what we expect in 2025.
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ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

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