Nigeria’s GDP Grows By 3.84% In Q4 2024
The National Bureau of Statistics (NBS) reports on Tuesday that Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024.
The NBS said that this growth rate is higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46%).
This also marked a slight increase from the previous quarter, which recorded an identical 3.46 per cent growth rate.
The latest GDP data released by the Bureau attributes the expansion to stronger performance in the services sector, which recorded a 5.37 per cent growth rate and accounted for 57.38 per cent of the country’s total GDP.
The report read, “Nigeria’s Gross Domestic Product grew by 3.84 per cent (year-on-year) in real terms in the fourth quarter of 2024.
“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 per cent and contributed 57.38 per cent to the aggregate GDP.”
“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023. The growth of the industry sector was 2.00%, a decline from 3.86% recorded in the fourth quarter of 2023,” NBS said.
The NBS further explained that 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.
It added that overall, the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023.
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