Nigeria’s GDP rate grew by 3.84% in Q4 2024 – NBS

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) rate grew by 3.84 percent in the fourth quarter (Q4) of 2024.

In its GDP report published on Tuesday, NBS said the growth rate is higher than the 3.46 percent recorded in Q3 2024.

The bureau said the growth rate is also higher than the 3.46 percent recorded in the fourth quarter of 2023.

According to the report, the performance of the GDP in the period reviewed was driven mainly by the services sector, which recorded a growth rate of 5.37 percent and contributed 57.38 percent 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 report reads.

“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 NBS also said the nominal GDP was N78.37 trillion in Q4 2024.

Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year. however, while real GDP is adjusted for inflation, nominal GDP is not.

“This performance is higher when compared to the fourth quarter of 2023 which recorded aggregate GDP of N65,908,258.59 million, indicating a year-on-year nominal growth of 18.91%,” the bureau said.

In the report, the data bureau said the country recorded an average oil production of 1.54 million barrels per day (mbpd) in the fourth quarter of the year.

According to NBS, it is “0.03million bpd lower” than the fourth quarter of 2023 production volume of 1.56mbpd and “0.06mbd higher than the daily average production of 1.47mbpd recorded in the third quarter of 2024”.

“The real growth of the oil sector was 1.48% (year-on-year) in Q4 2024, indicating a decrease of 10.64% points relative to the rate recorded in the corresponding quarter of 2023 (12.11%),” the report reads.

“Growth decreased by 3.70% points when compared to Q3 2024 which was 5.17%.

“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -7.19% in Q4 2024.

“The annual growth rate of oil stood at 5.54%, higher than the -2.22% recorded in 2023.”

The report further explained that the oil sector contributed 4.60 percent to Nigeria’s total real GDP in Q4 2024. compared to 4.70 percent in the corresponding period in 2023.

Additionally, the sector’s contribution also dropped from the preceding quarter, where it accounted for 5.57 percent of real GDP.

The non-oil sector grew by 3.96 percent in real terms in Q4 2024.

NBS said the rate was higher by 0.89 percent points compared to the rate recorded in the same quarter of 2023 which was 3.07 percent and higher than the 3.37 percent recorded in the third quarter of 2024.

In the fourth quarter of 2024, the sector was mainly driven by financial and insurance institutions and information and communication (telecommunications).

The industries played a key role in supporting economic activity during the period.

Additionally, Agriculture (crop production), transportation and storage (road transport), trade, and manufacturing contributed to positive GDP growth.

“In real terms, the non-oil sector contributed 95.40% to the nation’s GDP in the fourth quarter of 2024,
higher than the share recorded in the fourth quarter of 2023 which was 95.30% and higher than the
third quarter of 2024 recorded as 94.43%,” the report added

“Moreover, on aggregate of 94.49% was contributed in 2024, lower than the 94.60% reported in 2023.”

On February 18, NBS said Nigeria’s inflation rate dropped from 34.8 percent in December 2024, to 24.48 percent in January 2025.