Economic Growth Surges as Nigeria’s GDP Rises by 3.84% in Q4 2024 – NBS

By Emmanuel Kwada

Nigeria’s economy has shown robust growth, with the nation’s Gross Domestic Product (GDP) increasing by 3.84% year-on-year in real terms during the fourth quarter of 2024, according to a recent report shared by the Nigerian Bureau of Statistics (NBS).

This marks a notable improvement over the 3.46% growth recorded in both the fourth quarter of 2023 and the third quarter of 2024, signaling a positive trajectory for Africa’s largest economy.

The standout performer in this period was the Services sector, which posted an impressive growth rate of 5.37%. This sector alone contributed 57.38% to the total GDP, underscoring its pivotal role in driving economic expansion. Analysts attribute this surge to increased activity in areas such as telecommunications, financial services, and trade, bolstered by ongoing reforms and investments in infrastructure.

The figures, the full Q4 2024 GDP report is available on the NBS Microdata Portal at microdata.nigerianstat.gov.ng/index.php/cata

The latest figures reflect Nigeria’s resilience amid global economic challenges, with the Services sector acting as a cornerstone for growth. Compared to the same period in 2023, the 0.38 percentage point increase highlights a steady upward trend, offering hope for sustained momentum into 2025.

For a detailed breakdown of the figures, the full Q4 2024 GDP report is available on the NBS Microdata Portal at microdata.nigerianstat.gov.ng/index.php/cata…. The data provides deeper insights into sectoral contributions and economic trends shaping Nigeria’s financial landscape.

This development comes as a welcome update for policymakers and investors alike, with the government expected to leverage these gains to further stimulate economic activity and address lingering challenges such as inflation and unemployment. As Nigeria continues to navigate a dynamic global environment, all eyes will be on the next quarter to see if this growth can be sustained.