BREAKING: Nigeria’s real GDP grew by 3.84% in Q4 2024, says NBS
The National Bureau of Statistics (NBS) on Tuesday disclosed that Nigeria’s economy maintained its growth momentum in Q42024, with real Gross Domestic Product (GDP) growing by 3.84 per cent from 3.46 per cent in Q3 2024.
According to NBS, based on the GDP breakdown provided, the oil sector grew by 1.48per cent in Q4 2024 (Q3 2024: +5.17per cent).
According to NBS, crude oil production averaged 1.54mb/d in Q4 2024, 4.8 per cent higher than in Q3 2024 (1.47mb/d).
As a result, the oil sector contributed 4.60per cent to the total GDP (Q3 2024: 5.57per cent) during the review period.
At the same time, the non-oil sector expanded by 3.96per cent in Q4 2024 (Q3 2024: +3.37per cent). Thus, the non-oil sector contributed 95.40per cent to the total GDP (vs 94.43per cent in Q3 2024.
From a sectoral perspective, Agriculture GDP grew by 1.76per cent (Q3 2024: +1.14per cent ), Services GDP expanded by 5.37per cent (Q3 2024: +5.19), while Industries GDP grew by two per cent (Q3-24: +2.13 per cent).
In terms of contribution, the report by NBS added that, Services, Agriculture, and Industries, respectively, accounted for 57.38per cent, 25.59per cent, and 17.03per cent of the overall GDP.
