Nigeria’s economy expanded by 3.84% in the fourth quarter of 2024, surpassing the 3.46% recorded in the previous quarter, according to the National Bureau of Statistics (NBS).
In its latest GDP report released on Tuesday, February 25, the NBS noted that the services sector played a significant role in the growth, contributing 57.38% to the total GDP with a growth rate of 5.37%.
“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023,” the report stated.
Meanwhile, the industry sector saw a slowdown, growing by 2.00%, compared to 3.86% in the same period of 2023.
Overall, Nigeria’s economy expanded by 3.40% in 2024, an improvement from the 2.74% growth recorded in 2023.
The nominal GDP for Q4 2024 stood at ₦78.37 trillion, reflecting an 18.91% increase from ₦65.91 trillion in Q4 2023.
READ ALSO: Two-Thirds of Nigerian Households Struggle with Healthy Meals – NBS
Nigeria’s oil production averaged 1.54 million barrels per day (mbpd) in Q4 2024, marking a slight decline from 1.56 mbpd in Q4 2023 but an increase from 1.47 mbpd in Q3 2024.
“The real growth of the oil sector was 1.48% (year-on-year) in Q4 2024, indicating a decrease of 10.64 percentage points relative to the rate recorded in the corresponding quarter of 2023 (12.11%),” the NBS report revealed.
The oil sector’s contribution to real GDP also fell to 4.60% in Q4 2024, down from 4.70% in the same quarter of the previous year and 5.57% in Q3 2024.
The non-oil sector continued to dominate economic activity, growing by 3.96% in Q4 2024—higher than the 3.07% recorded in Q4 2023 and the 3.37% in Q3 2024.
According to the NBS, financial and insurance services, telecommunications, agriculture (crop production), transportation (road transport), trade, and manufacturing were the main contributors to non-oil growth.
“In real terms, the non-oil sector contributed 95.40% to the nation’s GDP in the fourth quarter of 2024, higher than the share recorded in the fourth quarter of 2023 which was 95.30% and higher than the third quarter of 2024 recorded as 94.43%,” the report stated.
On a full-year basis, the non-oil sector accounted for 94.49% of GDP in 2024, slightly below the 94.60% recorded in 2023.
Meanwhile, inflation saw a notable decline, dropping from 34.8% in December 2024 to 24.48% in January 2025, according to an earlier report by the NBS.