Nigeria’s GDP increased by 3.4 percent in 2024, a 0.66 percentage point year-on-year (YoY) increase over the 2.74 percent recorded in 2023. GDP growth in 2024 improved on the 3.84 percent growth reported in the fourth quarter, Q4’24, which was 0.38 percentage points better than the 3.46 percent increase recorded in Q3’24.
The National Bureau of Statistics (NBS) stated this yesterday in its GDP report for Q4’24, stating that the GDP performance in Q4’24 was primarily driven by the Services sector, which grew by 5.37 percent and contributed 57.38 percent to the aggregate GDP. According to the Bureau, the oil sector has grown at an annual rate of 5.54 percent, up from -2.22 percent in 2023.
The non-oil industry increased by 3.27 percent in 2024 compared to 3.04 percent in 2023. NBS stated: “Overall, annual GDP growth in 2024 was 3.4 percent, up from 2.74 percent in 2023. Nigeria’s GDP (GDP) increased by 3.84 percent (year on year) in real terms in the fourth quarter of 2024.
“This growth rate exceeds the 3.46 percent reported in the fourth quarter of 2023 and the growth rate in the third quarter of 2024. “The GDP performance in the fourth quarter of 2024 was primarily driven by the Services sector, which grew by 5.37 percent and contributed 57.38 percent of total GDP.
“The agriculture sector grew by 1.76 percent, compared to 2.1 percent in the fourth quarter of 2023.” “The industry sector’s growth rate was 2.0%, down 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.”
