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Nigeria’s Gross Domestic Product (GDP) expanded by 3.40% in 2024, marking an increase from the 2.74% recorded in 2023, according to the latest report from the National Bureau of Statistics (NBS).
The report, released yesterday, also indicated that the country’s economy grew by 3.84% year-on-year in real terms during the fourth quarter of 2024. This growth rate surpasses the 3.46% recorded in Q4 2023 and aligns with the Q3 2024 figure of approximately 3.46%.
According to the NBS, the Services sector was the primary driver of economic growth in Q4 2024, expanding by 5.37% and contributing 57.38% to the total GDP.
“The agriculture sector recorded a 1.76% growth rate, slightly lower than the 2.10% growth seen in Q4 2023, while the industry sector grew by 2.00%, a decline from the 3.86% growth recorded in the same period last year,” the report stated.
In nominal terms, Nigeria’s aggregate GDP at basic prices stood at N78.3 trillion in Q4 2024, reflecting an 18.91% year-on-year increase from the N65.9 trillion recorded in Q4 2023.
The report also provided insights into the oil and non-oil sectors. Nigeria’s average daily oil production in Q4 2024 stood at 1.54 million barrels per day (mbpd), a slight decrease from 1.56 mbpd recorded in Q4 2023 but an improvement from 1.47 mbpd in Q3 2024.
The oil sector’s real growth rate in Q4 2024 was 1.48% year-on-year, representing a sharp decline of 10.64 percentage points from the 12.11% recorded in Q4 2023. In contrast, the non-oil sector experienced a robust growth rate of 3.96%, driven by Financial and Insurance services (particularly Financial Institutions), Information and Communication (Telecommunications), Agriculture (Crop production), Transportation and Storage (Road Transport), Trade, and Manufacturing.
The report underscores the sustained contributions of the non-oil sector to Nigeria’s economic expansion, highlighting its crucial role in driving GDP growth.
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