Nigeria’s GDP Grew By 3.84% In Q4 2024- NBS

The national account for Q4 ‘24 from the National Bureau of Statistics (NBS) show that GDP grew by 3.84 per cent, an improvement from 3.46 per cent year-on-year (y/y) recorded in third quarter of same year. 

However, GDP expanded by 3.40 per cent for full year 20 24 from 2.74 per cent in full year 2023.

The latest GDP data released by the National Bureau of Statistics attributes the expansion to stronger performance in the services sector, which recorded a 5.37 per cent growth rate and accounted for 57.38 per cent of the country’s total GDP.

The report read, “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).

“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.”

Daily Independent learnt that the figures released for the GDP are not based on the rebased methodology.

More details later….

Bamidele Ogunwusi is a financial journalist with a strong analytical mind on issues that surround the financial sector.

A graduate of Obafemi Awolowo University, Ile-Ife has garnered experience both locally and internationally in finance reporting.

He has received awards and certificates from notable organisations like: the Centre for Investigative Journalism, Lagos, Bloomberg and Press Association, UK.