Nigeria’s GDP Growth Hit 3.84% in Q4 2024, According to NBS
The National Bureau of Statistics (NBS) reported a 3.84% growth in Nigeria’s GDP for the fourth quarter (Q4) of 2024. This figure is an improvement from the 3.46% growth seen in Q3 2024, and also outpaces the growth rate of 3.46% in the same quarter of 2023.
The NBS report, published on Tuesday, attributed the robust GDP performance primarily to the services sector, which expanded by 5.37%, contributing 57.38% to the total GDP.
The agriculture sector grew by 1.76%, a slight decline from 2.10% in Q4 2023, while the industrial sector saw a growth of 2.00%, down from 3.86% in the previous year’s fourth quarter.
Services played a larger role in Nigeria’s GDP in Q4 2024, compared to Q4 2023, marking a continued shift in the sector’s dominance. Overall, the annual GDP growth for 2024 stood at 3.40%, up from 2.74% in 2023.
For Q4 2024, Nigeria’s nominal GDP amounted to N78.37 trillion. This was a significant increase from the N65.91 trillion recorded in Q4 2023, reflecting a year-on-year nominal growth of 18.91%.
Oil Production Declines to 1.54 Million Barrels Per Day in Q4 2024
Nigeria’s oil production averaged 1.54 million barrels per day (mbpd) in the fourth quarter of 2024, marking a slight drop from the 1.56 mbpd recorded in Q4 2023. However, this was an improvement over the 1.47 mbpd average seen in Q3 2024.
The oil sector saw a real growth of 1.48% in Q4 2024, a decrease of 10.64% compared to the same quarter in 2023, and a 3.70% drop from the previous quarter. On a quarter-on-quarter basis, the oil sector contracted by 7.19%. Despite these challenges, the annual growth rate of the oil sector reached 5.54%, reversing the negative growth of -2.22% in 2023.
The oil sector’s contribution to Nigeria’s total real GDP stood at 4.60% in Q4 2024, slightly down from 4.70% in Q4 2023, and lower than the 5.57% contribution in Q3 2024.
Non-Oil Sector Drives Majority of GDP Growth
The non-oil sector grew by 3.96% in real terms in Q4 2024, outperforming both the 3.07% growth in the same quarter of 2023 and the 3.37% growth in Q3 2024.
Key contributors to this growth included the financial and insurance sectors, along with information and communication technology (ICT), particularly telecommunications. Other sectors such as agriculture (crop production), transportation and storage (road transport), trade, and manufacturing also supported economic expansion.
In Q4 2024, the non-oil sector accounted for 95.40% of Nigeria’s GDP, a slight increase from 95.30% in Q4 2023 and a jump from 94.43% in Q3 2024. For the entire year, the non-oil sector contributed 94.49%, just under the 94.60% share in 2023.
Lastly, the NBS recently announced that Nigeria’s inflation rate decreased from 34.8% in December 2024
to 24.48% in January 2025.
