Nigeria’s GDP grew by 3.84% in fourth quarter of 2024 – NBS

By Blessing Chinagorom

The National Bureau of Statistics (NBS) has revealed its report that the Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024.

According to the report released on Monday stated that this growth rate is higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46%).
Adding that 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.

It revealed further that the agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023 and 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″ the NBS added.

The latest NBS report highlights Nigeria’s resilient economic performance in 2024, driven by a strong services sector and improved agricultural output.
However, the slowdown in industrial growth and persistent challenges in the oil sector underscore need for targeted reforms to sustain the nation’s economic recovery and address underlying structural issues.

As Nigeria navigates these challenges, the focus on diversification, infrastructure development, and policy stability will be key to achieving long-term economic growth and stability.