Nigeria’s Economy Improves as GDP Rises 3.84% in Q4 of 2024

The agency released the latest Gross Domestic Product (GDP) figures of the country in a report today.

The growth achieved in the last quarter of last year was higher than the 3.46 per cent recorded in the fourth quarter of 2023 and the 3.46 per cent also posted in the third quarter of 2024.

The stats office attributed the rise in economic activities in the period under review to the 5.3 per cent expansion in the services sector, which contributed 57.38 per cent to the aggregate GDP.

It was revealed that the agriculture sector grew by 1.76 per cent versus the 2.10 per cent recorded in the fourth quarter of 2023, the industry sector slowed to 2.00 per cent from 3.86 per cent in the same period of 2023.

The NBS stated that for the year 2024, the annual GDP growth stood at 3.40 per cent, higher than the 2.74 per cent achieved in 2023.

In the quarter under review, the aggregate GDP in nominal terms was N78.374 trillion versus the N65.908 trillion recorded in the same period of 2023, indicating a year-on-year nominal growth of 18.91 per cent.

It was stated that the oil sector posted a real growth of 1.48 per cent in the last quarter of 2024 versus the 12.11 per cent posted in Q4 of 2023 and 5.17 per cent in the third quarter of 2024.

On a quarter-on-quarter basis, the oil sector recorded a growth rate of -7.19 per cent in Q4 2024 and an annual growth rate of 5.54 per cent compared with -2.22 per cent a year earlier.

The sector contributed 4.60 per cent to the total real GDP in Q4 2024, down from 4.70 per cent in Q4 of 2023 and 5.57 per cent in Q3 of 2024.

Last year, it contributed 5.51 per cent to the GDP, in contrast to the 5.40 per cent contribution in 2023.

As for the non-oil sector, it grew by 3.96 per cent in the fourth quarter of last year versus the 3.07 per cent it posted in the same quarter of 2023 and 3.37 per cent in the third quarter of 2024.

This sector was driven in the fourth quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Transportation and Storage (Road Transport); Trade; and Manufacturing, accounting for positive GDP growth.

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 5.30 per cent in the fourth quarter of 2023 and 94.43 per cent in the third quarter of 2024. On aggregate, it contributed 94.49 per cent to the GDP last year versus the 94.60 per cent recorded a year earlier.