Nigeria’s economy expanded by 3.84% in the fourth quarter of 2024 compared to the same period in 2023.
This is according to a new report from the National Bureau of Statistics (NBS), which was released on Tuesday.
The latest growth rate is higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024.
The overall growth for the entire year of 2024 stood at 3.40%, an improvement from 2.74% in 2023.
According to the report, the services sector played a major role in driving the economy in the last quarter of 2024.
It expanded by 5.37% and contributed 57.38% to the country’s total GDP.
Meanwhile, agriculture recorded a 1.76% growth, which was lower than the 2.10% seen in the same period of 2023.
The industrial sector grew by 2.00%, dropping from the 3.86% recorded a year earlier.
The total GDP for the fourth quarter of 2024 was higher than that of the previous year, which stood at N65.9 trillion.
The report classified the economy into oil and non-oil sectors, showing that Nigeria’s daily oil production in Q4 2024 averaged 1.54 million barrels per day.
This was slightly lower than the 1.56 million barrels recorded in the same quarter of 2023 but an increase from 1.47 million barrels per day in Q3 2024.
The oil sector recorded a real growth of 1.48% in Q4 2024, a sharp drop from the 12.11% growth seen in the fourth quarter of 2023. In contrast, the non-oil sector grew by 3.96% in the same period.
Key contributors to non-oil sector growth included financial institutions, telecommunications, crop production, road transport, trade, and manufacturing.
