National Bureau of Statistics has revealed that Nigeria’s Gross Domestic Product growth rate in real terms grew by 3.84% in the fourth quarter of 2024 on a year-on-year basis.

In a report on Tuesday, NBS disclosed that the 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 agency noted that the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023.

The report reads: “Nigeria’s Gross Domestic Product grew by 3.84 per cent (year-on-year) in real terms in the fourth quarter of 2024.

“This growth rate is higher than the 3.46 per cent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46 per cent).

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“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 per cent and contributed 57.38 per cent to the aggregate GDP.

“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023,”  the report noted.

“The growth of the industry sector was 2.00%, a decline from 3.86% recorded in the fourth quarter of 2023.

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023.

“Overall, the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023.”

“The nation in 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 and higher than the third quarter of 2024 production volume of 1.47 mbpd by 0.06mbpd.”