The National Bureau of Statistics (NBS) on Tuesday said Nigeria’s Gross Domestic Product (GDP) has grown by 3.84% (year-on-year) in real terms in the fourth quarter of 2024.
According to the agency, 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.
Statistician General of the Federation and Chief Executive officer of the National Bureau of Statistics (NBS), Prince Adeyemi Adeniran in a statement said the development reflected a higher economic improvement when compared to the preceding quarter (Q3 2024), with the service sector still playing the role of the major driver of the economy which recorded a growth of 5.37% and contributed 57.38% to the aggregate GDP.
He said a quarter-on-quarter basis, the real GDP grew by 10.99% in Q4 2024, reflecting a higher production level than in Q3 2024.
According to him, the estimated economic activity in real terms for Q4 2024 stood at ₦22,610,393.45 million, which is higher than the rates recorded in Q3 2024 and Q4 2023 which stood at ₦20,115,766.93 million and ₦21,773,263.25 million.
This also highlighted the improvement in the quarter under review compared to the previous quarters of Q3 2024 and Q4 2024.
“The year 2024 ended with an overall annual GDP growth rate of 3.40%, from the 2.74% reported in 2023. Thus, there was a decline in the performance of agriculture and Industry in 2024 relative to 2023, while the performance of the Services sector improved in 2024”, he said.
In nominal terms (current price), aggregate GDP stood at ₦78,374,120.95 million in Q4 of 2024, indicating a year-on-year nominal growth rate of 18.91%. This is higher than the value of ₦65,908,258.59 million in Q4 2023 and ₦71,131,091.07 million in the preceding quarter
He said in a quarter-on-quarter basis, the real GDP grew by 10.99% in Q4 2024, reflecting a higher production level than in Q3 2024.
“The year 2024 ended with an overall annual GDP growth rate of 3.40%, from the 2.74% reported in 2023. Thus, there was a decline in the performance of agriculture and Industry in 2024 relative to 2023, while the performance of the Services sector improved in 2024”, he said.
Further disaggregation of the economic activities into oil and non-oil sectors. The oil GDP grew by 1.48% in Q4 2024, which shows a decline compared to 12.11% recorded in Q4 2023, and the previous quarter of Q3 2024 which stood at 5.17%. The oil sector accounted for 4.60% during the quarter under review.
The annual oil GDP for 2024 grew by 5.54%, which is 7.75% higher than the annual GDP recorded for 2023 (-2.22%). while the annual contribution of oil stood at 5.51% in 2024 higher than its contribution in Q4 2023 (5.40%).
The fourth quarter of 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd.
On the contrary, the fourth quarter of 2024 production volume was higher than the third quarter of 2024 (1.47 mbpd) by 0.06 mbpd.
The non-oil sector contributes 95.40% to the GDP in Q4 of 2024 in real terms. This shows an increase on a year-on-year basis when compared to the same period of Q4 2023 which recorded 95.30%. Similarly, the quarter under review exceeds the 94.43% recorded in Q3 2024.
The economic performance of the non-oil sector in Q4 2024 is attributed to the growth recorded in some economic activities, including Rail Transport & Pipelines, Metal Ores, Financial Institutions, Road Transport, Quarrying & Other Minerals, and Insurance,
On an annual basis, the non-oil grew by 3.27% in 2024, which is higher than the rate recorded in 2023 which stood at 3.04%, while in terms of aggregate contributions, the non-oil contributed 94.49% in 2024, which is lower than the 94.60% reported in 2023.
Olusola Akintonde
Comments are closed.