GDP: Nigerian Economy Growth Hits 3-Year High, NBS Lists Top 10 Contributing Sectors
- The National Bureau of Statistics has revealed that Nigeria's GDP growth rate improved in the fourth quarter of 2024
- The report shows that the Nigerian economy improved slightly compared to the previous quarter
- The performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics has revealed that Nigeria recorded a real GDP growth of 3.84% in real terms (year-on-year) in the fourth quarter of 2024.
The latest figure is an increase from the 3.46%% growth recorded in the corresponding period of 2023.
Source: Getty Images
The NBS stated this in its latest Quarterly Gross Domestic Product (GDP) report published on Tuesday, February 25, 2024.
Part of NBS reads:
"Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024. 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%).
"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.
"The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023. 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.
Also, NBS revealed that in real terms the Nigerian economy is valued at N22.61 trillion while in nominal terms it is 78.37 trillion as of the fourth quarter of 2024.
It further noted that the annual GDP growth of 3.40% is the highest in three years.
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Breakdown of oil and non-oil sector
Oil sector The real growth of the oil sector was 1.48% (year-on-year) in Q4 2024, indicating a decrease of 10.64% points relative to the rate recorded in the corresponding quarter of 2023 (12.11%).
While the non-oil sector grew by 3.96% in real terms during the reference quarter (Q4 2024).
This rate was higher by 0.89 percentage points compared to the 3.07% recorded in the same quarter of 2023 and also higher than the 3.37% recorded in the third quarter of 2024.
Top 10 contributing activities to real GDP in Q4 2024 (%)
- Trade – 23.42%
- Crop production – 15.11%
- Real estate – 14.40%
- Telecommunications and information services – 5.88%
- Financial institutions – 5.76%
- Crude petroleum and natural gas – 4.60%
- Food, beverage, and tobacco – 4.08%
- Construction – 3.44%
- Professional, scientific, and technical services – 3.21%
- Other services – 3.08%
LCCI reacts to rebased CPI report
Legit.ng earlier reported that the Lagos Chamber of Commerce and Industry (LCCI) has advised the federal government to look beyond the rebased inflation figures.
The chambers, in its statement, reacted to the rebased inflation figures as contained in the CPI report from NBS.
The chambers also list what the government must do to address real inflationary pressures in the economy.
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Source: Legit.ng
