Nigeria’s Gross Domestic Product (GDP) grew by 3.84% in real terms in the fourth quarter of 2024, a notable improvement from the 3.46% growth recorded in the same period in 2023, according to the latest report from the National Bureau of Statistics (NBS).
The growth, primarily driven by the services sector, which expanded by 5.37%, highlights the resilience of the Nigerian economy amid global uncertainties. For the entire year of 2024, Nigeria’s GDP growth stood at 3.40%, surpassing the 2.74% recorded in 2023, indicating ongoing recovery and growth in critical sectors.
The services sector contributed 57.38% to Nigeria’s overall GDP, solidifying its position as a major engine of economic expansion. Despite the positive trend, agriculture saw a slight slowdown, growing at 1.76% compared to 2.10% in Q4 2023. The industry sector also recorded a decline in growth, with a 2.00% increase, down from 3.86% in the previous year.
The NBS report also noted that the growth rate in Q4 2024 was higher than the 3.46% recorded in Q3 2024, signaling a positive trajectory for Nigeria’s economy as it continues its recovery and expansion in key sectors.
