Nigeria’s GDP grows 3.84% in Q4 2024
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 growth is higher than the 3.46% recorded in the third quarter of 2024 and the same quarter in 2023.
The NBS attributed the GDP performance in Q4 to the strong performance of the Services sector, which grew by 5.37% and contributed 57.38% to the overall GDP. The Agriculture sector saw a growth of 1.76%, slightly lower than the 2.10% growth in Q4 2023. The Industry sector, however, experienced a decline, growing by only 2.00%, compared to 3.86% in the same quarter of the previous year.
In terms of overall contribution, the Services sector had a higher share of the GDP in Q4 2024 than in the corresponding quarter of 2023. For the entire year, Nigeria’s GDP grew by 3.40%, an improvement from 2.74% in 2023.
The report also highlighted a drop in Nigeria’s oil production in Q4 2024, with an average daily output of 1.54 million barrels per day (mbpd). This was lower than the 1.56 mbpd recorded in Q4 2023 but higher than the 1.47 mbpd in Q3 2024.
Additionally, the NBS reported that Nigeria’s headline inflation rate fell to 24.48% year-on-year in January 2025, marking a significant decrease from the 34.80% recorded in December 2024. The Consumer Price Index (CPI), which tracks the price changes of goods and services, also showed a reduction, reflecting a decline in inflationary pressures.
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