The non-oil sector grew Nigeria’s Gross Domestic Product, GDP, by 3.84 percent year-on-year in real terms in the fourth quarter of 2024.
This is according to the National Bureau of Statistics fourth quarter GDP report released on Tuesday.
According to the report, the country’s economic growth rate is higher than the 3.46 percent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate, approximately 3.46 percent.
The report said 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 percent and contributed 57.38 percent to the aggregate GDP.
It said the agriculture sector grew by 1.76 percent, from the growth of 2.10 percent recorded in the fourth quarter of 2023.
It added that the growth of the industry sector was 2.00 percent, a decline from 3.86 percent recorded in the fourth quarter of 2023.
In terms of share of the GDP, the bureau said the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023.
Overall, it said the annual GDP growth in 2024 stood at 3.40 percent, an increase from 2.74 percent in 2023.
In the oil sector, the report showed that NBS said Nigeria’s Q4 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 0.06 mbpd.
On the other hand, the non-oil sector grew by 3.96 percent in real terms during the reference quarter (Q4 2024).
The NBS said this rate was higher by 0.89 percentage points compared to the rate recorded in the same quarter of 2023, which was 3.07 percent, and higher than the 3.37 percent recorded in the third quarter of 2024.
In real terms, the NBS said the non-oil sector contributed 95.40 percent to the nation’s GDP in the fourth quarter of 2024, higher than the share recorded in the fourth quarter of 2023, which was 95.30 percent.
“This sector was driven in the fourth quarter of 2024 mainly by financial and insurance (financial institutions); information and communication (telecommunications); agriculture (crop production); transportation and storage (road transport); trade; and manufacturing, accounting for positive GDP growth,” it said.