Nigeria’s GDP grew by 3.40% in 2024 – NBS

Nigeria’s Gross Domestic Product (GDP) grew by 3.40 per cent in 2024, an increase from 2.74 per cent recorded in 2023. This is just as the country’s economy grew by 3.84 per cent (year-on-year) in real terms in the fourth quarter of 2024, a report by the National Bureau of Statistics has shown. The report, […]

Nigeria’s Gross Domestic Product (GDP) grew by 3.40 per cent in 2024, an increase from 2.74 per cent recorded in 2023.

This is just as the country’s economy grew by 3.84 per cent (year-on-year) in real terms in the fourth quarter of 2024, a report by the National Bureau of Statistics has shown.

The report, which was released yesterday, noted that the growth rate is higher than the 3.46 per cent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46 per cent).

It said 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 per cent, from the growth of 2.10 per cent recorded in the fourth quarter of 2023. The growth of the industry sector was 2.00 per cent, a decline from 3.86 per cent recorded in the fourth quarter of 2023.

“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.

“In the quarter under review, aggregate GDP at basic price stood at N78.3trn in nominal terms.

“This performance is higher when compared to the fourth quarter of 2023 which recorded aggregate GDP of N65.9tr, indicating a year-on-year nominal growth of 18.91 per cent. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

“The nation in the fourth quarter of 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd and higher than the third quarter of 2024 production volume of 1.47 mbpd by 0.06mbpd.

It went on to state that the real growth of the oil sector was 1.48 per cent (year-on-year) in Q4 2024, indicating a decrease of 10.64 per cent points relative to the rate recorded in the corresponding quarter of 2023 (12.11 per cent) while the non-oil sector grew by 3.96 per cent in real terms during the reference quarter (Q4 2024).

“This sector was driven in the fourth quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Transportation and Storage (Road Transport); Trade and Manufacturing, accounting for positive GDP growth.”