Korede Abdullah in Lagos
Nigeria’s economy recorded a 3.4% growth in Gross Domestic Product (GDP) in 2024, up from 2.74% in 2023, according to the National Bureau of Statistics (NBS). “Overall, the annual GDP growth in 2024 stood at 3.4 percent, an increase from 2.74 percent in 2023,” the NBS stated.
The economy’s performance in the fourth quarter of 2024 was particularly strong, with GDP expanding by 3.84% year-on-year, surpassing the 3.46% growth recorded in both the fourth quarter of 2023 and the third quarter of 2024.
The services sector played a crucial role in this growth, expanding by 5.37% and contributing 57.38% to the country’s total GDP. Meanwhile, the agriculture sector grew by 1.76%, a slight decline from the 2.10% growth recorded in the same quarter of 2023.
The oil sector also showed improvement, recording an annual growth rate of 5.5% in 2024. However, its performance in the fourth quarter weakened, with real growth of 1.48% year-on-year, significantly lower than the 12.11% growth seen in Q4 2023.
“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 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd,” the report noted. Despite this, the sector’s annual contribution to GDP increased slightly to 5.51%, compared to 5.40% in 2023.
The non-oil sector, which remained the dominant force in the economy, grew by 3.96% in real terms in Q4 2024, driven by financial services, telecommunications, agriculture, transportation, trade, and manufacturing.
“The non-oil sector contributed 95.40% to the nation’s GDP in the fourth quarter of 2024,” the NBS reported, marking an increase from 95.30% in Q4 2023 and 94.43% in Q3 2024.
For the entire year, the sector’s contribution stood at 94.49%, slightly lower than the 94.60% reported in 2023. This highlights Nigeria’s continued economic diversification, with non-oil industries playing an increasingly vital role.
While the oil sector’s performance showed mixed results, the strong growth in services and other non-oil industries helped sustain overall economic expansion in 2024.
