Nigeria’s gross domestic product (GDP) had a 3.84% increase in growth rate in the fourth quarter of 2024.
This is according to a GDP report published by the National Bureau of Statistics (NBS) on Tuesday. It said the growth rate is higher than the 3.46% recorded in the third quarter of 2024.
Tuesday’s figure for Q4 of 2024 is also higher than the 3.46% reported in the fourth quarter of 2023.
“The performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.37% and contributed 57.38% to the aggregate GDP,” the NBS report read partly.%
Agric Sector Grows
“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023,” the report noted.
“The growth of the industry sector was 2.00%, a decline from 3.86% recorded in the fourth quarter of 2023.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023.
“Overall, the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023.”
According to the agency, Nigeria’s oil production levels also dropped in Q4 of 2024.
“The nation in the fourth quarter of 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd and higher than the third quarter of 2024 production volume of 1.47 mbpd by 0.06mbpd,” the NBS said.
Inflation Rate Drops
Last week, the NBS reported that Nigeria’s headline inflation dropped to 24.48% year on year in January 2025.
It said this was a sharp decline from the 34.80% headline inflation recorded in December 2024.
The Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48% year on year in January, the report added
