The Nigerian government has expressed satisfaction with its Gross Domestic Product (GDP) growth, highlighting its positive economic trajectory.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, commended the latest GDP figures released by the National Bureau of Statistics (NBS). According to the report, Nigeria’s GDP grew by 3.84% year-on-year in the fourth quarter of 2024, an increase from 3.46% in the previous quarter.
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%).
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— NBS Nigeria (@NBS_Nigeria) February 25, 2025
Read Also: Nigeria’s Economy Grows By 3.84% In GDP Q4 2024
The annual GDP growth rate for 2024 stood at 3.4%, compared to 2.7% in 2023, marking the fastest economic expansion in three years. The government attributed this progress to ongoing economic reforms and strategic policy implementations to foster sustainable growth and development.
The report also indicated that the services sector played a significant role in driving this growth.
Commenting on the development, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the government was pleased to see the continued growth momentum, both from a quarterly and annual standpoint.
“It is a true testament to the resilience of the Nigerian economy and the success of President Bola Tinubu’s Renewed Hope Agenda.
“The expansion of the services sector and our ongoing efforts to strengthen food security through agricultural investments are yielding positive results. Efforts to ensure that economic growth translates into improved livelihoods for all Nigerians continue through initiatives such as the direct benefit transfers scheme.”
As Nigeria continues on its path of economic growth and development, the Federal Government remains committed to implementing policies and initiatives that promote sustainable and inclusive growth, ultimately improving the lives of all Nigerians.
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