By Ayomide Otitoju
Nigeria’s Gross Domestic Product (GDP) grew by 3.84% in the fourth quarter of 2024, according to a report released by the National Bureau of Statistics (NBS) on Tuesday. This marks an improvement from the 3.46% growth recorded in Q3 2024 and the 3.46% reported in Q4 2023.
Services Sector Leads GDP Growth
The NBS attributed the GDP expansion primarily to the services sector, which recorded a 5.37% growth, contributing 57.38% to the aggregate GDP.
The agriculture sector grew by 1.76%, slightly lower than the 2.10% recorded in Q4 2023.
The industry sector saw a 2.00% growth, declining from 3.86% in Q4 2023.
“The services sector contributed more to the aggregate GDP in Q4 2024 compared to the corresponding quarter of 2023,” the report noted.
Overall, Nigeria’s annual GDP growth for 2024 stood at 3.40%, up from 2.74% in 2023.
Oil Production Declines Slightly
Nigeria’s oil production levels dropped in Q4 2024, with an average daily output of 1.54 million barrels per day (mbpd). This represents a slight 0.03 mbpd decline from the 1.56 mbpd recorded in Q4 2023 but an increase from 1.47 mbpd in Q3 2024.
Inflation Drops Significantly
The report follows an earlier announcement by the NBS last week, revealing that Nigeria’s headline inflation fell to 24.48% year-on-year in January 2025. This marks a sharp decline from the 34.80% recorded in December 2024.
The Consumer Price Index (CPI), which measures changes in the prices of goods and services, also showed a downward trend, reinforcing signs of economic stabilization.
