The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) rate in real terms grew by 3.84 per cent in the fourth quarter of 2024 on a year-on-year basis.
The Statistician-General (S-G) of the Federation, Adeyemi Adeniran disclosed this in a statement on Nigeria’s GDP Report for Q4 2024 released in Abuja on Tuesday.
Adeniran said the growth rate was 0.38 per cent points higher than the 3.46 per cent recorded in the fourth quarter of 2023.
“Similarly, it was higher by 0.38 per cent basic points relative to a similar growth rate of 3.46 per cent recorded in the third quarter of 2024.
“This reflected a higher economic improvement when compared to Q3 2024.”
The S-G said the performance of the GDP in Q4 2024 was still driven mainly by the services sector, which recorded a growth of 5.37 per cent and contributed 57.38 per cent to the aggregate GDP.
Adeniran said on a quarter-on-quarter basis, the real GDP grew by 10.99 per cent in Q4 2024, which indicated a higher production level than in Q3 2024.
He said the estimated economic activity in real terms for Q4 2024 stood at N22, 610,393.45 million.
Adeniran said this was higher than the rates recorded in Q3 2024 and Q4 2023 which stood at N20, 115,766.93 million and N21, 773,263.25 million, respectively.
He said this also highlighted the improvement in the economy in Q4 2024 compared to Q3 2024 and Q4 2023.
The S-G said overall, the year 2024 ended with an overall annual GDP growth rate of 3.40 per cent relative to 2.47 per cent recorded in 2023.
“Thus, there was a decline in the performance of the Agriculture and Industry sector in 2024 relative to 2023, while the performance of the Services sector improved in 2024,” he said.
Adeniran said in nominal terms, which refers to the current price, aggregate GDP stood at N78, 374,120.95 million in Q4 2024, which indicated a year-on-year nominal growth rate of 18.91 per cent.
He said this was higher than the N65, 908,258.59 million recorded in Q4 2023 and the N71, 131,091.07 million in Q3 2024.
Adeniran said the major contributing economic activities in real terms in Q4 2024 were Crop Production at 23.42 per cent, Trade at 15.11 per cent, and Telecommunication at 14.40 per cent.
Real Estate at 5.88 per cent, Financial Institutions at 5.76 per cent, and Crude Petroleum at 4.60 per cent.
On a broad classification of the economic activities into Agriculture, Industry, and Services sectors based on growth, he said the Agricultural Sector grew by 1.76 per cent and the industry grew by 2.00 per cent.
The S-G said this showed a de- cline compared to the rate recorded in Q4 2023 at 2.10 per cent for the Agricultural sector and 3.86 per cent for the industry sector.
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