Nigeria’s Gross Domestic Product (GDP) grew by 3.84% in the fourth quarter of 2024, according to a report from the National Bureau of Statistics (NBS) released on Tuesday. This marks an improvement over the 3.46% growth rate recorded in the third quarter of 2024 and is also higher than the 3.46% growth seen in the fourth quarter of 2023.
The NBS report attributes the GDP growth in Q4 2024 mainly to the Services sector, which grew by 5.37% and contributed 57.38% to the total GDP.
The agriculture sector saw a growth of 1.76%, a slight decline from the 2.10% growth in Q4 2023. Meanwhile, the industrial sector grew by 2.00%, down from 3.86% in the same period last year.
In terms of GDP share, the Services sector made a larger contribution in Q4 2024 compared to the fourth quarter of 2023.
For the full year, Nigeria’s GDP grew by 3.40% in 2024, an improvement from the 2.74% growth recorded in 2023.
The NBS also noted that Nigeria’s oil production decreased in Q4 2024, with an average daily production of 1.54 million barrels per day (mbpd), slightly lower than the 1.56 mbpd recorded in Q4 2023, but higher than the 1.47 mbpd recorded in Q3 2024.
Additionally, the NBS reported a significant drop in Nigeria’s headline inflation, which fell to 24.48% year-on-year in January 2025, down sharply from 34.80% in December 2024. The Consumer Price Index (CPI), which measures changes in the prices of goods and services, also saw a decline to 24.48% in January.
