NBS: Service sector lifts Nigeria’s GDP growth to 3.84%

NBS: Service sector lifts Nigeria’s GDP growth to 3.84%

Nigeria’s gross domestic product (GDP) attained a 3.84% growth rate in the fourth quarter of 2024.

This was disclosed in a GDP report published by the National Bureau of Statistics (NBS) on Tuesday.

It said the growth was largely driven by the service sector, which contributed 57.38% to the aggregate GDP.

The NBS specifically stated the growth rate was higher than the 3.46% recorded in the third quarter of 2024.

The figure for Q4 of 2024 is also higher than the 3.46% reported in the fourth quarter of 2023.

“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 NBS report read partly.

It also stated, “The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023.”

“The growth of the industry sector was 2.00%, a decline from 3.86% recorded 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.”

The nation’s oil production levels also dropped in Q4 of 2024.

“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 NBS said.

Last week, the NBS reported that Nigeria’s headline inflation dropped to 24.48% in January 2025, from the previous month’s 34.80%.