Nigeria's annual Gross Domestic Product (GDP) grew by 3.84 percent in the fourth quarter (Q4) of 2024, according to a report published Tuesday by the National Bureau of Statistics (NBS). This growth rate exceeds both the 3.46 percent recorded in Q3 2024 and the 3.46 percent from Q4 2023.

The services sector was the primary driver of economic growth, expanding by 5.37 percent and contributing 57.38 percent to the aggregate GDP. Meanwhile, the agriculture sector grew by 1.76 percent, down from 2.10 percent in Q4 2023, and the industry sector expanded by 2.00 percent, a decline from 3.86 percent in the same period of 2023.

Overall, Nigeria's annual GDP growth for 2024 stood at 3.40 percent, showing improvement from the 2.74 percent recorded in 2023. The nominal GDP for Q4 2024 was N78.37 trillion, representing a year-on-year nominal growth of 18.91 percent compared to Q4 2023's N65.91 trillion.

In the oil sector, Nigeria recorded an average daily production of 1.54 million barrels per day (mbpd), slightly lower than the 1.56 mbpd in Q4 2023 but higher than the 1.47 mbpd in Q3 2024. The real growth of the oil sector was 1.48 percent year-on-year in Q4 2024, a significant decrease from the 12.11 percent recorded in Q4 2023 and the 5.17 percent in Q3 2024. The sector contributed 4.60 percent to the total real GDP, down from 4.70 percent in Q4 2023 and 5.57 percent in Q3 2024.

The non-oil sector, which contributed 95.40 percent to Nigeria's GDP in Q4 2024, grew by 3.96 percent in real terms. This growth was higher than both the 3.07 percent recorded in Q4 2023 and the 3.37 percent in Q3 2024. The non-oil sector was driven primarily by financial and insurance institutions, telecommunications, crop production, road transport, trade, and manufacturing.