Abuja: Nigeria’s Gross Domestic Product (GDP) experienced a growth of 3.84 percent in the fourth quarter of 2024, as announced by the National Bureau of Statistics (NBS). The Statistician-General of the Federation, Adeyemi Adeniran, revealed the figures in the GDP Report for Q4 2024, stating that this growth rate surpasses the 3.46 percent recorded in the same quarter of the previous year.
According to News Agency of Nigeria, the GDP growth was primarily driven by the services sector, which achieved a growth rate of 5.37 percent and contributed 57.38 percent to the overall GDP. On a quarter-on-quarter basis, the real GDP grew by 10.99 percent in Q4 2024, indicating a higher production level compared to Q3 2024. The economic activity in real terms for Q4 2024 was estimated at N22,610,393.45 million, showing an improvement over the previous quarters.
The overall annual GDP growth rate for 2024 was reported at 3.40 percent, an increase from the 2.47 percent recorded in 2023. However, there was a noted decline in the performance of the Agriculture and Industry sectors in 2024 compared to 2023, while the Services sector demonstrated improved performance. In nominal terms, aggregate GDP for Q4 2024 stood at N78,374,120.95 million, marking a year-on-year nominal growth rate of 18.91 percent.
Key economic activities contributing to real GDP in Q4 2024 included Crop Production (23.42 percent), Trade (15.11 percent), and Telecommunication (14.40 percent). The Agriculture sector grew by 1.76 percent, and the Industry sector by 2.00 percent, both showing declines compared to their performance in Q4 2023. Conversely, the Services sector recorded a growth rate of 5.37 percent, exceeding the 3.98 percent from the previous year.
Sectoral contributions to GDP in Q4 2024 were led by Services at 57.38 percent, followed by Agriculture at 25.59 percent, and Industry at 17.03 percent. The Oil sector showed a growth rate of 1.48 percent in Q4 2024, although this was a decline from the 12.11 percent recorded in Q4 2023. The non-oil sector contributed 95.40 percent to the GDP in real terms, with notable growth in areas such as Rail Transport and Pipelines, Metal Ores, and Financial Institutions.
Overall, the non-oil sector grew by 3.27 percent annually in 2024, slightly higher than the 3.04 percent recorded in 2023. The aggregate contributions from the non-oil sector amounted to 94.49 percent in 2024, slightly lower than the 94.60 percent from the previous year.