GDP Growth Hits New High
Nigeria’s economy expanded by 3.84% in real terms during the fourth quarter of 2024, surpassing the 3.46% growth recorded in the same period of 2023, according to the latest data from the National Bureau of Statistics (NBS).
This marks the country’s strongest economic growth in three years, highlighting a steady upward trend despite prevailing global economic uncertainties.
Services Sector Leads Expansion
The services sector played a crucial role in driving this growth, expanding by 5.37% during the period. Its strong performance reinforced its position as a key contributor to Nigeria’s economic recovery.
Over the entire year, GDP growth stood at 3.40%, up from 2.74% in 2023, reflecting a continued rebound in key industries. The services sector remained the largest contributor, accounting for 57.38% of total GDP.
Mixed Performance in Agriculture and Industry
While the services sector thrived, agriculture experienced a slight dip. Growth in the sector slowed to 1.76% in Q4 2024, down from 2.10% in the same quarter of 2023.
Similarly, the industrial sector recorded a 2.00% growth rate, reflecting a decline from the 3.86% recorded in the previous year.
