Nigeria’s GDP grew by 3.84% in fourth quarter

• Nigeria’s GDP grew by 3.84% in Q4 2024, driven by the services sector’s 5.37% growth

• The non-oil sector expanded by 3.96%, while oil production averaged 1.54 million barrels per day

Nigeria’s Gross Domestic Product (GDP) grew by 3.84% in real terms in the fourth quarter (Q4) of 2024, according to a report released by the National Bureau of Statistics (NBS) on Tuesday.

This growth rate is higher than the 3.46% recorded in Q4 of 2023 and slightly above the 3.46% recorded in Q3 of 2024. The report further noted that annual GDP growth 2024 stood at 3.40%, marking an increase from 2.74% in 2023.

The Services sector played a key role in driving GDP growth, recording a 5.37% increase and contributing 57.38% to the total GDP.

“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023. The industry sector’s growth was 2.00%, a decline from 3.86% in the fourth quarter of 2023. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023.”

In the quarter under review, aggregate GDP at basic price stood at N78.3trn in nominal terms.

“This performance is higher than the fourth quarter of 2023, which recorded an aggregate GDP of N65.9tr, indicating a year-on-year nominal growth of 18.91%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

“The nation in the fourth quarter of 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd and higher than the third quarter of 2024 production volume of 1.47 mbpd by 0.06mbpd,” it said.

It stated that the oil sector’s real growth was 1.48% (year-on-year) in Q4 2024, indicating a decrease of 10.64% points relative to the rate recorded in the corresponding quarter of 2023 (12.11%). Meanwhile, the non-oil sector grew by 3.96% in real terms during the reference quarter (Q4 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.”