Nigeria’s GDP grows 3.84% in Q4 2024- NBS
…estimates real value of economy at N22.61 trillion and N78.37 trillion in nominal terms
By Tunde Opalana
The Nigerian Bureau of Statistics (NBS) in an economic growth performance document released on Tuesday reveled that the nation’s Gross Domestic Product (GDP) great by 3.84 per cent in real terms in the fourth quarter of 2024.
This reflects a slight increase from the third quarter, which recorded a 3.46 per cent growth rate.
The record also indicated an improvement from the 3.46 per cent recorded in the same period of 2023.
The NBS hinged the expansion on stronger performance in the services sector, which recorded a 5.37 per cent growth rate and accounted for 57.38 per cent of the country’s total GDP.
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The release partly reads: “Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024. This growth rate is higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46%).
The Bureau said performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.37% and contributed 57.38% to the aggregate GDP.
“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023. The growth of the industry sector was 2.00%, a decline from 3.86% 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. Overall, the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023,” the release stated.
The Bureau, however, revealed that the Nigerian economy is valued at N22.61 trillion in real terms, while in nominal terms it is N78.37 trillion as of the fourth quarter of 2024.
It further noted that the annual GDP growth of 3.40% is the highest in three years.
A sectoral breakdown of oil and non-oil sector Oil sector by the Bureau showed that the real growth of the oil sector was 1.48% (year-on-year) in Q4 2024. This , indicates a decrease of 10.64% points relative to the rate recorded in the corresponding quarter of 2023 (12.11%). While the non-oil sector grew by 3.96% in real terms during the reference quarter (Q4 2024).
This rate was higher by 0.89 percentage points compared to the 3.07% recorded in the same quarter of 2023 and also higher than the 3.37% recorded in the third quarter of 2024.
Top 10 contributing activities to real GDP in Q4 2024 shows that Trade recorded 23.42%, Crop production 15.11%, Real estate 14.40%, Telecommunications and information services 5.88% .
Others are; Financial institutions 5.76%, Crude petroleum and natural gas 4.60%, Food, beverage, and tobacco, 4.08% Construction, 3.44%,v Professional, scientific, and technical services 3.21% and other services 3.08%.
