Nigeria’s annual gross domestic product (GDP) rate grew by 3.84 percent in the fourth quarter (Q4) of 2024, the National Bureau of Statistics, NBS, has announced.
In its GDP report published on Tuesday, NBS said the growth rate is higher than the 3.46 percent recorded in Q3 2024.
The NBS reported that the growth rate for the fourth quarter of 2024 surpassed the 3.46% recorded in the fourth quarter of 2023. The GDP performance was mainly driven by the services sector, which grew by 5.37% and contributed 57.38% to the total GDP.
The agriculture sector grew by 1.76%, a slight decline from the 2.10% growth in Q4 2023. Meanwhile, the industrial sector saw a growth of 2.00%, down from 3.86% in the previous quarter.
The services sector made a larger contribution to the aggregate GDP in Q4 2024 compared to the same period in 2023. Overall, Nigeria’s annual GDP growth in 2024 stood at 3.40%, up from 2.74% in 2023.
The NBS also reported that nominal GDP reached N78.37 trillion in Q4 2024, compared to N65.91 trillion in Q4 2023, marking an 18.91% year-on-year nominal growth.
Nigeria’s average oil production in Q4 2024 was 1.54 million barrels per day (mbpd), which is 0.03 mbpd lower than the 1.56 mbpd recorded in Q4 2023, but 0.06 mbpd higher than the 1.47 mbpd in Q3 2024. The oil sector’s real growth was 1.48%, a decrease from 12.11% in the corresponding period of 2023, and a 3.70% drop compared to Q3 2024’s growth rate of 5.17%. On a quarter-on-quarter basis, the oil sector saw a decline of -7.19% in Q4 2024. Despite these setbacks, the sector’s annual growth rate stood at 5.54%, a recovery from the -2.22% recorded in 2023.
The oil sector contributed 4.60% to Nigeria’s real GDP in Q4 2024, down from 4.70% in Q4 2023, and lower than its 5.57% contribution in Q3 2024.
The non-oil sector grew by 3.96% in real terms in Q4 2024, an improvement from 3.07% in Q4 2023 and 3.37% in Q3 2024. The sector’s growth was largely driven by the financial and insurance industries, as well as telecommunications. Agriculture (crop production), transportation (road transport), trade, and manufacturing also contributed positively to GDP growth.
In real terms, the non-oil sector accounted for 95.40% of Nigeria’s GDP in Q4 2024, slightly higher than the 95.30% share in Q4 2023 and the 94.43% share in Q3 2024. Overall, the non-oil sector contributed 94.49% to the GDP in 2024, slightly lower than the 94.60% share in 2023.
On February 18, the NBS also reported a decline in Nigeria’s inflation rate, which dropped from 34.8% in December 2024 to 24.48% in January 2025.
