The National Bureau of Statistics reports that Nigeria’s GDP grew by 3.84% year-on-year in Q4 2024, up from 3.46% in Q3.
In its GDP report published on Tuesday, NBS said the growth rate is higher than the 3.46 per cent recorded in Q3 2024.
The NBS noted that the 3.84% growth rate in Q4 2024 also surpasses the 3.46% recorded in Q4 2023.
The report read, “Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024. This growth rate is higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46%).
“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% and contributed 57.38% to the aggregate GDP.”
The agriculture sector grew by 1.76%, down from 2.10% in Q4 2023, while the industry sector expanded by 2.00%, lower than the 3.86% recorded in the previous quarter.
In 2024, Nigeria’s GDP grew by 3.40%, up from 2.74% in 2023. In nominal terms, Q4 2024 GDP reached N78.37 trillion, an 18.91% increase from N65.91 trillion in Q4 2023.
While the NBS plans to rebase GDP, Nairametrics noted that Q4 2024 figures were based on the old methodology. The revised framework will take effect in Q1 2025.
Nigeria’s average daily oil production in Q4 2024 was 1.54 million barrels per day (mbpd), down from 1.56 mbpd in Q4 2023 but higher than 1.47 mbpd in Q3 2024.
The oil sector recorded 1.48% real GDP growth in Q4 2024, a sharp drop from 12.11% in Q4 2023 and lower than 5.17% in Q3 2024.
Its GDP contribution stood at 4.60%, down from 4.70% in Q4 2023 and 5.57% in Q3 2024. However, for the full year, the sector grew by 5.54%, rebounding from a -2.22% contraction in 2023.
The non-oil sector remained the economy’s backbone, growing by 3.96% in Q4 2024, up from 3.07% in Q4 2023 and 3.37% in Q3 2024.
It contributed 95.40% to total GDP, slightly higher than 95.30% in Q4 2023. Growth was driven by Financial and Insurance Services, Telecoms, Agriculture (Crop Production), Trade, and Manufacturing.
