Nigeria’s Gross Domestic Product (GDP) grew by 3.84% year-on-year (YoY) in the fourth quarter of 2024, higher than the 3.46% recorded in the fourth quarter of 2023 and the growth rate in the third quarter of 2024.
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% and contributed 57.38% 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 industry sector’s growth was 2%, a decline from 3.86% 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.
In the quarter under review, aggregate GDP at basic price stood at N78,374,120.95 million in nominal terms.
This performance is higher than the fourth quarter of 2023, which recorded an aggregate GDP of N65,908,258.59 million, indicating a year-on-year nominal growth of 18.91%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
The Oil Sector
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.
The real growth of the oil sector was 1.48% (YoY) in Q4 2024, indicating a decrease of 10.64% relative to the rate recorded in the corresponding quarter of 2023 (12.11%). Growth decreased by 3.70% compared to Q3 2024, which was 5.17%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of -7.19% in Q4 2024.
The annual growth rate of oil stood at 5.54%, higher than the -2.22% recorded in 2023. The Oil sector contributed 4.60% to the total real GDP in Q4 2024, down from the figure recorded in the corresponding period 2023 and down from the preceding quarter, where it contributed 4.70% and 5.57%, respectively. Overall, it contributed 5.51% in 2024, higher than its 5.40% in 2023.
The Non-Oil Sector
The non-oil sector grew by 3.96% in real terms (Q4 2024). This rate was higher by 0.89% compared to the rate recorded in the same quarter of 2023, which was 3.07% and higher than the 3.37% recorded in the third quarter of 2024.
This sector was driven in the fourth quarter of 2024 by Financial and Insurance, Information and Communication, Agriculture, Transportation and Storage, Trade, and Manufacturing, accounting for positive GDP growth.
In real terms, the non-oil sector contributed 95.40% to the GDP in the fourth quarter of 2024, higher than the share recorded in the fourth quarter of 2023, 95.30%, and higher than the third quarter of 2024 recorded as 94.43%. Moreover, 94.49% was contributed in 2024, lower than the 94.60% reported in 2023.
