Nigeria’s GDP grew by 3.84% in Q4-2024, up from 3.46% in Q3. The oil sector’s growth fell to 1.48%, while non-oil surged to 3.96% of total GDP. Agriculture and services showed significant growth, reflecting a more diversified economy.
Nigeria’s economy demonstrated a year-on-year growth of 3.84% in the fourth quarter of 2024, according to the National Bureau of Statistics (NBS). This figure marks an increase from the 3.46% growth recorded in the third quarter. Over the entire year, the economy expanded by 3.4%, compared to 2.7% in 2023.
In Q4-24, the oil sector experienced a year-on-year growth of 1.48%, a decline from the 5.17% growth in the previous quarter. During this period, crude oil production rose to an average of 1.54 million barrels per day, reflecting a 4.8% increase from 1.47 mb/d in Q3. However, the oil sector’s contribution to GDP decreased to 4.60% from 5.57% in Q3.
Conversely, the non-oil sector saw a robust expansion of 3.96% year on year in Q4-24, improving from the 3.37% growth in Q3. This sector now accounts for 95.40% of total GDP, up from 94.43%. The performance of the non-oil sector indicates a shifting reliance away from oil within the economy.
Sector-wise analysis reveals that Agriculture grew by 1.76% year on year, a significant improvement from 1.14% earlier. The Services sector increased by 5.37%, surpassing the 5.19% noted in Q3. Meanwhile, Industries experienced a growth of 2.00%, down slightly from 2.18% in the previous quarter.
In total GDP contributions, Services accounted for 57.38%, Agriculture for 25.59%, and Industries for 17.03%. The data indicates a diverse economic structure with growing service and agriculture contributions alongside the ongoing role of the oil sector.
In summary, Nigeria’s economy showed a promising growth of 3.84% in Q4-24 compared to the previous quarter. The non-oil sector became increasingly dominant, contributing significantly to GDP. While the oil sector’s growth slowed and its GDP contribution declined, other sectors such as services and agriculture demonstrated strong performance, reflecting resilience and diversifying economic activity.
Original Source: dmarketforces.com
