Nigeria’s Gross Domestic Product grew by 3.84% in real terms in the fourth quarter of 2024, an increase from the 3.46% recorded in the same period of 2023. This also marked a slight improvement from the previous quarter, which had a similar growth rate.
According to the latest data from the National Bureau of Statistics, the expansion was driven primarily by the services sector, which grew by 5.37% and accounted for 57.38% of the country’s total GDP.
The agriculture sector recorded a slower growth of 1.76%, down from 2.10% in Q4 2023, while the industry sector expanded by 2.00%, lower than the 3.86% recorded in the previous year.
In nominal terms, Nigeria’s aggregate GDP for Q4 2024 stood at N78.37 trillion, reflecting an 18.91% increase from N65.91 trillion in the same quarter of 2023.
For the full year 2024, the economy grew by 3.40%, up from 2.74% in 2023, with growth largely driven by the non-oil sector.
The oil sector contributed 4.60% to GDP in Q4 2024, a slight drop from 4.70% in the same period of 2023. Average daily crude oil production stood at 1.54 million barrels per day, down from 1.56 mbpd in Q4 2023 but an improvement from 1.47 mbpd in Q3 2024. The sector recorded a real GDP growth rate of 1.48%, lower than the 12.11% posted in Q4 2023.
The non-oil sector grew by 3.96%, surpassing the 3.07% recorded in Q4 2023 and the 3.37% in the previous quarter. It contributed 95.40% to GDP, slightly up from 95.30% in the same quarter of the previous year.
Key industries that contributed to this growth included financial and insurance services, information and communication (notably telecommunications), agriculture (mainly crop production), trade, transportation and storage (particularly road transport), and manufacturing.
The mining and quarrying sector, which includes crude petroleum, natural gas, and solid minerals, grew by 2.23%, significantly lower than the 8.04% recorded in Q4 2023, contributing 4.84% to GDP.
The manufacturing sector expanded by 1.79% in Q4 2024, up from 1.38% in the previous quarter, though its share of GDP declined to 8.07% from 8.23% in Q4 2023.
The construction sector grew by 2.95%, slightly lower than the 3.70% recorded in Q4 2023, contributing 3.44% to GDP.
The trade sector recorded a growth rate of 1.19%, down from 1.40% in Q4 2023 but an improvement from the 0.65% posted in Q3 2024, accounting for 15.11% of total economic output.
The financial and insurance sector grew by 27.78% in Q4 2024, slightly lower than the 29.77% seen in the previous quarter, with its contribution to GDP increasing to 6.10% from 4.95% in Q4 2023.
The information and communication sector, primarily driven by telecommunications, maintained strong performance with a real GDP growth of 5.90%, slightly below the 6.32% recorded in Q4 2023, accounting for 17.00% of total GDP.
The transportation and storage sector rebounded, growing by 18.61% in Q4 2024, compared to the -29.00% contraction in Q4 2023, contributing 1.26% to GDP.
Meanwhile, the electricity, gas, steam, and air conditioning supply sector contracted by -5.04% in real terms, a sharp decline from the 6.17% growth in Q4 2023, with its contribution to GDP remaining at 0.49%.
