Nigeria’s Gross Domestic Product surged by 3.84 percent in real terms in Q4 2024 up from 3.46% in the same period of 2023 according to the latest report from the National Bureau of Statistics (NBS).
This also represents a slight increase from the previous quarter, which posted an identical 3.46% growth rate. The growth was primarily driven by the services sector, which grew by 5.37% and contributed 57.38% to the nation’s total GDP.
In the fourth quarter of 2024, Nigeria’s Gross Domestic Product (GDP) in nominal terms stood at N78.37 trillion, reflecting an 18.91 percent increase from N65.91 trillion recorded in the same period of 2023.
For the full year in 2024, the economy expanded by 3.40 percent, surpassing the 2.74 percent growth recorded in 2023, with the non-oil sector driving much of this progress.
The oil sector’s contribution to GDP slightly declined, accounting for 4.60 percent in Q4 2024, down from 4.70 percent in the same quarter of 2023 and 5.57 percent in the previous quarter. Crude oil production averaged 1.54 million barrels per day during the quarter—a slight decrease from 1.56 million barrels per day in Q4 2023 but an improvement from the 1.47 million barrels per day recorded in Q3 2024.
Despite this, the oil sector’s real GDP growth slowed to 1.48 percent, a sharp drop from the 12.11 percent recorded in Q4 2023 and the 5.17 percent growth in Q3 2024. However, on an annual basis, the sector posted a positive growth rate of 5.54 percent, rebounding from a -2.22 percent contraction in 2023.
The National Bureau of Statistics (NBS) reported that the non-oil sector’s performance in the fourth quarter led to growth in key economic activities. A breakdown of the report shows that crop production was the largest contributor in real terms, accounting for 23.42 percent of GDP, followed by trade at 15.11 percent, telecommunications at 14.4 percent, and real estate at 5.88 percent.
Sectoral contributions to GDP in Q4 2024 stood at 25.59 percent for agriculture, 17.03 percent for industry, and 57.38 percent for services. However, both the agriculture and industry sectors recorded slight declines in their contributions compared to Q4 2023, dropping by 0.53 and 0.31 percentage points, respectively.
According to economists and members of the Organized Private Sector, the Q4 2024 GDP growth of 3.84 percent highlights the steady recovery of the economy and underscores the resilience of Nigerian entrepreneurs.
