Nigeria’s Gross Domestic Product (GDP) grew by 3.4 percent in 2024 representing a 0.66 percentage point year-on-year( YoY) growth when compared to 2.74 percent recorded in 2023.
The improvement in GDP growth in 2024, followed the 3.84 per cent growth recorded in the fourth quarter, Q4’24, which represents 0.38 percentage points higher than the 3.46 per cent growth recorded in Q3’24.
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The National Bureau of Statistics, NBS, disclosed this yesterday in its GDP report for Q4’24 noting that the performance of the GDP in Q4′ 24 was driven mainly by the Services sector, which recorded a growth of 5.37 percent and contributed 57.38 percent to the aggregate GDP.
The Bureau also said that the oil sector recorded an annual growth rate of 5.54 percent from -2.22 percent in 2023.
The non-oil sector grew by 3.27 percent in 2024 from 3.04 percent in 2023.
NBS said: “Overall, the annual GDP growth in 2024 stood at 3.4 percent, an increase from 2.74 percent in 2023.
“Nigeria’s Gross Domestic Product (GDP) grew by 3.84 percent (year-on-year) in real terms in the fourth quarter of 2024.
“This growth rate is higher than the 3.46 percent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46 percent).
“The performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.37 percent and contributed 57.38 percent to the aggregate GDP.
“The agriculture sector grew by 1.76 percent, from the growth of 2.1 percent recorded in the fourth quarter of 2023.
“The growth of the industry sector was 2.0 percent, a decline from 3.86 percent recorded 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.”
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