Nigeria’s economy continued its upward trajectory in the fourth quarter of 2024, with the Gross Domestic Product (GDP) growing by 3.84% year-on-year in real terms, according to the latest data released by the National Bureau of Statistics (NBS).
This growth rate represents an improvement over the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024. The expansion was primarily driven by the services sector, which grew by 5.37% and contributed 57.38% to the aggregate GDP.
However, the agriculture sector experienced a slowdown, recording a growth rate of 1.76%, down from 2.10% in the same quarter of 2023. Similarly, the industry sector grew by 2.00%, a decline from the 3.86% growth recorded in the fourth quarter of 2023.
In terms of sectoral contributions to GDP, the services sector played a more significant role in the fourth quarter of 2024 compared to the corresponding quarter of 2023. Key economic activities driving growth in the quarter include:
– **Crop Production**: 23.42%
– **Trade**: 15.11%
– **Telecommunication**: 14.40%
– **Real Estate**: 5.88%
– **Financial Institutions**: 5.76%
– **Crude Petroleum**: 4.60%
The NBS report underscores the resilience of Nigeria’s economy, particularly the services sector, which continues to be a major driver of growth. However, the slowdown in agriculture and industry highlights the need for targeted interventions to boost productivity in these sectors.
The data also reflects the impact of ongoing economic reforms and policies aimed at diversifying the economy and reducing reliance on oil revenues. As Nigeria continues to navigate global economic challenges, the performance of key sectors such as telecommunications, trade, and financial services will remain critical to sustaining growth and improving livelihoods.
