The latest report by the National Bureau of Statistics in its recent release on the state of the economy posted a 3.84 percent growth in Nigeria’s Gross Domestic Product (GDP) in real terms (year-on-year) in the fourth quarter of 2024. This report represents a 0.38 percent increase compared to the 3.46 percent recorded in Q4 2023. These figures according to the NBS were based on the old method of computation rather than the proposed rebased GDP.
At a Glance
| Sectors | Contribution To GDP, Q4 2024 (%) | Growth Rate |
| Agriculture | 25.59 | 1.76 |
| Industries | 17.03 | 2.00 |
| Services | 57.38 | 5.37 |
| 100.00 | —- | |
| Non-Oil | 95.40 | 3.96 |
| Oil | 4.60 | 1.48 |
| 100.00 | —- | |
REAL GROWTH RATE AT BASIC PRICE | 3.84 | |
REAL GROWTH RATE AT MARKET PRICE | 4.55 | |
A Summary of the Above Table
The GDP performance in the fourth quarter of 2024 was primarily driven by the Services sector, which recorded a growth of 5.37 percent—an improvement from the 3.98 percent recorded in Q4 2023—contributing 57.38 percent to the aggregate GDP. The Agriculture sector grew by 1.76 percent, slightly lower than the 2.10 percent growth recorded in the same period of 2023, contributing 25.59 percent to the total GDP. Meanwhile, the Industry sector experienced a growth of 2.00 percent, a decline from the 3.86 percent recorded in the third quarter of 2023.
Graph of Sectors, Contribution To GDP, and Growth Rate
