Nigeria’s Gross Domestic Product (GDP) grew by 3.84 per cent in real terms in the fourth quarter of 2024, according to the National Bureau of Statistics (NBS). This marks an improvement over the 3.46 per cent recorded in both Q4 2023 and Q3 2024, reflecting a stronger economic performance.
The Statistician-General of the Federation, Adeyemi Adeniran, disclosed this in a statement released in Abuja, noting that the services sector was the primary driver of growth. The sector expanded by 5.37 per cent and contributed 57.38 per cent to the country’s total GDP.
On a quarter-on-quarter basis, real GDP rose by 10.99 per cent, indicating higher production levels compared to Q3 2024. In real terms, Nigeria’s economic activity in Q4 2024 was valued at N22.61 trillion, surpassing N20.12 trillion in Q3 2024 and N21.77 trillion in Q4 2023.
Annual Growth and Sectoral Performance
For the full year 2024, Nigeria recorded an annual GDP growth rate of 3.40 per cent, up from 2.47 per cent in 2023. However, the agriculture and industry sectors experienced a slowdown, while the services sector saw notable improvements.
Key contributors to real GDP in Q4 2024 included:
- Crop Production: 23.42%
- Trade: 15.11%
- Telecommunications: 14.40%
- Real Estate: 5.88%
- Financial Institutions: 5.76%
- Crude Petroleum: 4.60%
The agriculture sector grew by 1.76 per cent, while the industry sector expanded by 2.00 per cent, both lower than their Q4 2023 growth rates. Conversely, the services sector saw a 5.37 per cent increase, up from 3.98 per cent in Q4 2023.
Oil and Non-Oil Sectors
The oil sector grew by 1.48 per cent in Q4 2024, a sharp decline from 12.11 per cent in Q4 2023 and 5.17 per cent in Q3 2024. It contributed 4.60 per cent to the GDP for the quarter. Annual oil GDP rose by 5.54 per cent, a significant recovery from the -2.22 per cent recorded in 2023.
Nigeria’s oil production averaged 1.54 million barrels per day (mbpd) in Q4 2024, slightly below the 1.56 mbpd recorded in Q4 2023 but higher than the 1.47 mbpd in Q3 2024.
Meanwhile, the non-oil sector accounted for 95.40 per cent of GDP in Q4 2024, up from 95.30 per cent in Q4 2023 and 94.43 per cent in Q3 2024. Growth in this sector was driven by industries such as Rail Transport & Pipelines, Metal Ores, Financial Institutions, Road Transport, Quarrying & Other Minerals, and Insurance.
On an annual basis, the non-oil sector grew by 3.27 per cent in 2024, surpassing the 3.04 per cent recorded in 2023. However, its overall contribution to GDP slightly declined from 94.60 per cent in 2023 to 94.49 per cent in 2024.
Nominal GDP Growth
In nominal terms, GDP for Q4 2024 stood at N78.37 trillion, reflecting an 18.91 per cent year-on-year increase. This was higher than the N65.91 trillion recorded in Q4 2023 and the N71.13 trillion in Q3 2024.
As Nigeria enters 2025, the economic outlook remains focused on sustaining growth in the services sector while addressing challenges in agriculture and industry.
Credit: NAN (Text Excluding Headline)
