The National Bureau of Statistics has reported a 3.84% year-on-year growth in Nigeria’s Gross Domestic Product for the fourth quarter of 2024, surpassing the 3.46% recorded in Q4 2023 by 0.38 percentage points.
The growth also outpaced the 3.46% recorded in Q3 2024.
According to the NBS, the services sector remained the key driver of economic growth, expanding by 5.37% and contributing 57.38% to the aggregate GDP.
Due to higher output levels than in Q3 2024, real GDP expanded by 10.99% on a quarter-over-quarter basis.
Compared to Q3 2024’s ₦20.11 trillion and Q4 2023’s ₦21.77 trillion, the real value of economic activity in Q4 2024 was ₦22.61 trillion.
In 2024, the total GDP grew by 3.40%, which was better than the 2.74% growth in 2023.
Despite the overall growth, the NBS report highlighted a decline in the performance of the agriculture and industrial sectors in 2024 compared to 2023, while the services sector saw improvement.
In nominal terms, Nigeria’s GDP reached ₦78.37 trillion in Q4 2024, reflecting an 18.91% year-on-year increase from ₦65.9 trillion in Q4 2023 and ₦71.13 trillion in Q3 2024.
The leading contributors to GDP in Q4 2024 included crop production (23.42%), trade (15.11%), telecommunications (14.40%), real estate (5.88%), financial institutions (5.76%), and crude petroleum (4.60%).
Sector-wise, agriculture contributed 25.59% to GDP, industry 17.03%, and services 57.38%.
While agriculture and industry saw slight declines of 0.53 and 0.31 percentage points from Q4 2023, the services sector grew by 0.83 percentage points.
Agriculture’s annual sectoral contributions decreased from 25.18% in 2023 to 24.64% in 2024, while the industrial sector’s decreased from 18.65% to 18.47%.
In the meantime, the services sector continued to be the key driver of economic growth, rising from 56.18% in 2023 to 56.89% in 2024.
