Nigeria’s Economy Grows by 3.84% in Q4

Nigeria’s Economy Grows by 3.84% in Q4

Nigeria’s economy, as measured by gross domestic product (GDP), grew by 3.84% year on year in the fourth quarter of 2024, data released by the statistics office revealed. Real GDP surged by 42 basis points from 3.46% year on year growth posted in the third quarter of 2024, the National Bureau of Statistics (NBS) reported.

Over a 12 months, the economy surged by 3.4% versus 2.7% posted in 2023. GDP breakdown showed that the oil sector grew by 1.48% year on year in Q4-24, from +5.17% year on year push in the third quarter of the same year.

According to NBS, crude oil production averaged 1.54 million barrels per day (mb/d) in Q4-24, 4.8% higher than 1.47mb/d produced in the third quarter. As a result, the oil sector contributed 4.60% to the total GDP as against 5.57% contribution in Q3.

At the same time, the non-oil sector expanded by 3.96% Year on year in Q4-24 versus +3.37% in Q3. Thus, the non-oil sector contributed 95.40% to the total GDP, a sizeable increase from 94.43% in Q3-24.

 From a sectoral perspective, Agriculture GDP grew by 1.76% year on year, better than +1.14% in the previous quarter. Services GDP expanded by 5.37% year on year, rising above 5.19% posted in Q3, while Industries GDP grew by 2.00%, down from 2.18% in Q3.

In terms of contribution, Services, Agriculture, and Industries, respectively, accounted for 57.38%, 25.59%, and 17.03% of the overall GDP. #Nigeria’s Economy Grows by 3.84% in Q4 of 2024. #Nigeria’s Economy Grows by 3.84% in Q4  FG Partners WIPO to Boost SMEs’ Global Competitiveness