Nigeria’s Gross Domestic Product (GDP) grew by 3.84 per cent year-on-year in real terms in the fourth quarter of 2024, the National Bureau of Statistics has said.
The NBS said this growth rate is higher than the 3.46 per cent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46 per cent).
The statistics bureau said this in its “Nigerian Gross Domestic Product (GDP) Report Q4 2024” released on Tuesday.
The report said 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 per cent and contributed 57.38 per cent to the aggregate GDP.
It said the agriculture sector grew by 1.76 per cent, from the growth of 2.10 per cent recorded in the fourth quarter of 2023.
It added that the growth of the industry sector was 2.00 per cent, a decline from 3.86 per cent recorded in the fourth quarter of 2023.
In terms of share of the GDP, the bureau said the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023.
Overall, it said the annual GDP growth in 2024 stood at 3.40 per cent, an increase from 2.74 per cent in 2023.
Oil sector
The NBS said 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 0.06 mbpd.
It said the real growth of the oil sector was 1.48 per cent (year-on-year) in Q4 2024, indicating a decrease of 10.64 per cent points relative to the rate recorded in the corresponding quarter of 2023 (12.11 per cent). Growth decreased by 3.70 per cent points when compared to Q3 2024 which was 5.17 per cent.
“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -7.19 per cent in Q4 2024. The annual growth rate of oil stood at 5.54 per cent, higher than the -2.22 per cent recorded in 2023.
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“The oil sector contributed 4.60 per cent to the total real GDP in Q4 2024, down from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 4.70 per cent and 5.57 per cent respectively. Overall, it contributed 5.51 per cent in 2024, higher than its contribution of 5.40 per cent in 2023,” the report said.
Non-oil sector
The non-oil sector grew by 3.96 per cent in real terms during the reference quarter (Q4 2024).
The NBS said this rate was higher by 0.89 per cent points compared to the rate recorded in the same quarter of 2023 which was 3.07 per cent and higher than the 3.37 per cent recorded in the third quarter of 2024.
“This sector was driven in the fourth quarter of 2024 mainly by financial and insurance (financial institutions); information and communication (telecommunications); agriculture (crop production); transportation and storage (road transport); trade; and manufacturing, accounting for positive GDP growth,” it said.
In real terms, the NBS said the non-oil sector contributed 95.40 per cent to the nation’s GDP in the fourth quarter of 2024, higher than the share recorded in the fourth quarter of 2023 which was 95.30 per cent and higher than the third quarter of 2024 recorded as 94.43 per cent.
“Moreover, an aggregate of 94.49 per cent was contributed in 2024, lower than the 94.60 per cent reported in 2023,” the report said.
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