Nigeria’s economy recorded a 3.84% growth rate in the fourth quarter of 2024, according to a report released by the National Bureau of Statistics (NBS) on Tuesday, February 25, 2025.
The latest figure marks an improvement from the 3.46% growth recorded in the third quarter of 2024 and surpasses the 3.46% growth rate reported in Q4 2023.
“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 NBS stated.
The agriculture sector grew by 1.76%, slightly below the 2.10% growth recorded in Q4 2023, while the industry sector saw a decline, recording 2.00% growth compared to 3.86% in the corresponding quarter of the previous year.
Overall, Nigeria’s annual GDP growth in 2024 stood at 3.40%, up from 2.74% in 2023.
Meanwhile, the NBS reported a decline in the country’s average daily oil production, which stood at 1.54 million barrels per day (mbpd) in Q4 2024. This is slightly lower than the 1.56 mbpd recorded in the same quarter of 2023 but higher than the 1.47 mbpd produced in Q3 2024.
The report comes as Nigeria battles inflation, with the NBS recently announcing that the country’s headline inflation dropped to 24.48% in January 2025, a sharp decrease from 34.80% in December 2024.
