Nigeria’s economy wrapped up 2024 on a strong note, with GDP growing at 3.84% in the fourth quarter of 2024.
The figure marked a slight increase from the previous quarter, which recorded an identical 3.46% growth rate.
According to the report of the National Bureau of Statistics (NBS), in the fourth quarter of 2024, the services sector, which powered ahead with 5.37% growth, accounted for 57.38% of total GDP.
“Nigeria’s Gross Domestic Product grew by 3.84 per cent (year-on-year) in real terms in the fourth quarter of 2024. This growth rate is higher than the 3.46 per cent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46 per cent).
“The performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.37 per cent and contributed 57.38 per cent to the aggregate GDP,” the NBS said in the report.
Despite the overall economic growth, the agriculture sector recorded a slower expansion of 1.76%, down from 2.10% in the corresponding quarter of 2023. The industry sector also experienced a downturn, growing by 2.00 per cent, lower than the 3.86% posted in the previous year.
In nominal terms, aggregate GDP for the fourth quarter of 2024 stood at N78.37tn, marking an 18.91% increase from N65.91tn recorded in the same quarter of 2023.
For the full year 2024, Nigeria’s economy grew by 3.40%, an improvement from the 2.74% recorded in 2023, driven mainly by the non-oil sector.
The oil sector’s contribution to GDP declined slightly, accounting for 4.60% in the fourth quarter of 2024, compared to 4.70% in the same period of 2023 and 5.57% in the previous quarter.
Nigeria’s average daily crude oil production stood at 1.54 million barrels per day, a slight drop from 1.56mbpd recorded in the fourth quarter of 2023 but an improvement from 1.47mbpd in the third quarter of 2024.
The non-oil sector, which continues to be the major driver of economic growth, expanded by 3.96% in Q4 2024, outperforming the 3.07% recorded in the same quarter of 2023 and the 3.37% growth seen in the previous quarter.
The non-oil sector contributed 95.40% to GDP, slightly above the 95.30% reported in Q4 2023.
Key industries responsible for this growth include financial and insurance services, information and communication (notably telecommunications), agriculture (particularly crop production), trade, transportation and storage (especially road transport), and manufacturing.
The mining and quarrying sector, which includes crude petroleum, natural gas, and solid minerals, recorded a real GDP growth of 2.23% significantly lower than the 8.04% recorded in Q4 2023.
Its contribution to GDP stood at 4.84%, slightly down from 4.91% in the same quarter of the previous year.
The agriculture sector, which remains critical for food security and employment, saw its real GDP growth slow to 1.76%, compared to 2.10 % in Q4 2023. Crop production remained dominant, accounting for 90.70% of the sector’s contribution to GDP.
The manufacturing sector recorded a real GDP growth rate of 1.79% in Q4 2024, up from 1.38% in the previous quarter. However, its share of GDP fell to 8.07%, from 8.23% in the corresponding quarter of 2023.
GIK/APA