Nigeria’s Economy Grows by 3.84% in Q4 2024
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.
Nigeria’s Economic Decisions Beginning to Pay Off, Says FG
The Federal Government has expressed optimism about the positive effects of its tough economic decisions, citing recent growth in Nigeria’s GDP as a sign of progress. Vice President Kashim Shettima made the statement during the National Economic Council’s (NEC) 147th meeting in Abuja on December 13, 2024. He noted that the 3.46% GDP growth reported for the third quarter of 2024 was an indication of better economic times ahead. READ THIS: NNPCL 2024 Recruitment: Candidates Ready For Interview Stage Shettima acknowledged the contributions of the Council’s members and urged them to prepare for the coming year, taking into account how this year’s policies and projects have shaped the nation’s economic trajectory. He emphasized that, despite the challenges, the government’s reforms are starting to show results. In addition, the meeting included a discussion on the World Bank’s Economic Report, which highlighted efforts to strengthen Nigeria’s education and healthcare sectors. Shettima pointed out that these initiatives aim to improve human capital, reduce inequalities, and better equip the workforce to thrive globally.
NBS Q3 GDP Growth Report Excites President Tinubu
President Bola Tinubu has reacted positively to Nigeria’s economic growth report for the third quarter of 2024, released by the National Bureau of Statistics. The report revealed a 3.46% GDP increase, marking a year-on-year improvement that surpassed earlier projections. The presidency attributed this growth to key sectors such as agriculture, ICT, trade, and manufacturing, which collectively played a significant role in driving the economy forward. Tinubu reiterated his administration’s commitment to ensuring that these gains translate into better living standards for Nigerians. The government highlighted ongoing economic reforms, including proposed tax changes aimed at reducing burdens on small businesses and fostering a more equitable tax system. These initiatives are part of a broader strategy to achieve Tinubu’s vision of a $1 trillion economy by 2030. As Nigeria prepares to rebase its economy in early 2025, officials anticipate that recent advancements across various industries will further position the nation for sustainable growth and shared prosperity. PLEASE READ: PH REFINERY BEGINS OPERATION: NNPCL GCEO TO OVERSEE FIRST PMS DISPATCH