February 25, (THEWILL) – Nigeria’s Gross Domestic Product (GDP) grew by 3.84% in the fourth quarter of 2024, reflecting a steady economic expansion, according to the latest report from the National Bureau of Statistics (NBS).

The NBS, in its “Nigerian Gross Domestic Product (GDP) Report Q4 2024” released on Tuesday, stated that the growth rate marked a 0.38% increase from the 3.46% recorded in both Q3 2024 and Q4 2023.

The report highlighted that the services sector was the primary driver of GDP growth, expanding by 5.37% and contributing 57.38% to the overall economic output.

In contrast, the agriculture sector grew by 1.76%, lower than the 2.10% recorded in Q4 2023. The industrial sector’s growth slowed to 2.00%, a decline from 3.86% in the corresponding quarter of the previous year.

The annual GDP growth for 2024 stood at 3.40%, up from 2.74% in 2023. Nominal GDP for the fourth quarter reached N78.37 trillion, marking an 18.91% increase compared to N65.91 trillion in Q4 2023.

On oil production, the report noted that Nigeria’s average output in Q4 2024 was 1.54 million barrels per day (mbpd), down from 1.56 mbpd in Q4 2023 but higher than the 1.47 mbpd recorded in Q3 2024.

The oil sector’s real growth stood at 1.48% year-on-year, a sharp decline of 10.64 percentage points from the 12.11% recorded in Q4 2023. The sector contributed 4.60% to the total real GDP, slightly down from 4.70% in Q4 2023 and 5.57% in Q3 2024.

Meanwhile, the non-oil sector expanded by 3.96% in real terms, surpassing the 3.07% recorded in Q4 2023 and the 3.37% in Q3 2024.

The sector’s growth was largely driven by financial and insurance institutions, telecommunications, crop production, road transport, trade, and manufacturing.

According to the NBS, the non-oil sector accounted for 95.40% of the country’s total GDP in Q4 2024, an increase from 95.30% in Q4 2023 and 94.43% in Q3 2024.