Nigeria’s economy grew by 3.84% in the fourth quarter of 2024, according to data from the National Bureau of Statistics (NBS). This marks a 42-basis-point increase from the 3.46% growth recorded in the third quarter.
For the full year, the economy expanded by 3.4%, a notable improvement from the 2.7% growth seen in 2023.
Breaking down the GDP performance:
- Oil Sector: Grew by 1.48% year-on-year in Q4-2024, slowing down from a 5.17% growth in Q3. Crude oil production averaged 1.54 million barrels per day (mb/d) in Q4, a 4.8% increase from 1.47 mb/d in Q3. However, the sector’s contribution to total GDP fell to 4.60% from 5.57% in the previous quarter.
- Non-Oil Sector: Expanded by 3.96% year-on-year, up from 3.37% in Q3. It contributed 95.40% to total GDP, an increase from 94.43% in Q3.
Sectoral performance highlights:
- Agriculture: Grew by 1.76%, up from 1.14% in Q3.
- Services: Expanded by 5.37%, surpassing the 5.19% growth recorded in Q3.
- Industries: Grew by 2.00%, slightly lower than 2.18% in Q3.
In terms of GDP contribution:
- Services: 57.38%
- Agriculture: 25.59%
- Industries: 17.03%
Overall, Nigeria’s economic growth in Q4 2024 reflects resilience across key sectors, particularly in non-oil industries, despite ongoing economic challenges.
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