Nigeria’s Gross Domestic Product (GDP) grew by 3.84 per cent in the fourth quarter of 2024, up from 3.46 per cent recorded in the previous quarter and the corresponding period of 2023, according to the National Bureau of Statistics (NBS).
The NBS report attributed the growth to the services sector, which expanded by 5.37 per cent and contributed 57.38 per cent to the total GDP.
“The agriculture sector grew by 1.76 per cent, from the growth of 2.10 per cent recorded in the fourth quarter of 2023,” the NBS stated. “The growth of the industry sector was 2.00 per cent, a decline from 3.86 per cent recorded in the fourth quarter of 2023.”
The report also showed that Nigeria’s nominal GDP rose to ₦78.37 trillion (about $52.23 billion) in Q4 2024, compared to ₦65.91 trillion (about $43.99 billion) in Q4 2023, reflecting an 18.91 per cent year-on-year growth.
Oil production averaged 1.54 million barrels per day (mbpd) in Q4 2024, lower than the 1.56 mbpd recorded in the same period in 2023 but higher than 1.47 mbpd in Q3 2024.
“The real growth of the oil sector was 1.48 per cent (year-on-year) in Q4 2024, indicating a decrease of 10.64 percentage points relative to the rate recorded in the corresponding quarter of 2023 (12.11 per cent),” the report stated.
The oil sector contributed 4.60 per cent to Nigeria’s total real GDP in Q4 2024, down from 4.70 per cent in the same period of 2023 and 5.57 per cent in Q3 2024.
In contrast, the non-oil sector recorded a real growth of 3.96 per cent in Q4 2024, up from 3.07 per cent in Q4 2023 and 3.37 per cent in Q3 2024. The growth was largely driven by financial and insurance institutions, telecommunications, crop production, road transport, trade, and manufacturing.
“In real terms, the non-oil sector contributed 95.40 per cent to the nation’s GDP in the fourth quarter of 2024, higher than the share recorded in the fourth quarter of 2023, which was 95.30 per cent, and higher than the third quarter of 2024, recorded as 94.43 per cent,” the NBS stated.
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