Nigeria’s economy has shown resilience, with the country’s Gross Domestic Product (GDP) growing by 3.84% in the fourth quarter of 2024, according to the National Bureau of Statistics (NBS) report released on Tuesday.
Persecondnews reports that this growth rate surpasses the 3.46% recorded in Q3 2024 and Q4 2023.
The services sector was the main driver of this growth, expanding by 5.37% and contributing 57.38% to the aggregate GDP.
The sector’s performance was bolstered by financial and insurance institutions, as well as information and communication services.
The report 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.”
Agriculture experienced a slight slowdown, growing at 1.76%, down from 2.10% in Q4 2023.
The industry sector also recorded a 2.00% growth rate, declining from 3.86% in the previous year
The non-oil sector contributed significantly to the GDP growth, accounting for 95.40% of the nation’s GDP in Q4 2024.
This sector was driven by financial and insurance institutions, information and communication services, agriculture, transportation, trade, and manufacturing
The NBS also reported that Nigeria’s nominal GDP stood at N78.37 trillion in Q4 2024, indicating a year-on-year nominal growth of 18.91%.
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