Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024. This growth rate is higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46%).
Other Services grew by 9.33% (year-on-year) in Q4 2024. This growth rate was higher than the 1.99% growth rate recorded in the same quarter of the previous year and lower than the growth rate of 37.64% in Q3 2024 by 7.34% points and 28.30% points respectively.
Manufacturing sector in the fourth quarter of 2024 was 2.92% (year-on-year), 35.14% points lower than the figure recorded in the corresponding period of 2023 (38.06%) and 0.70% points lower than the preceding quarter figure of 3.62%.
In real terms, the public sector recorded a growth rate of 2.23% (year-on-year) in Q4 2024, higher by 0.05% points and lower by 0.30% points from the Q4 2023 rate and the Q3 2024 rate respectively. On a quarter-on-quarter basis, the sector grew by 14.60% in Q4 2024.
Agriculture contributed 22.02% to nominal GDP in the fourth quarter of 2024. This figure was lower than the rate recorded in the fourth quarter of 2023 and lower than the third quarter of 2024 which recorded 24.65% and 25.01% respectively.
The non-oil sector grew by 3.96% in real terms during the reference quarter (Q4 2024). This rate was higher by 0.89% points 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.
The real growth of the oil sector was 1.48% (year-on-year) in Q4 2024, indicating a decrease of 10.64% points relative to the rate recorded in the corresponding quarter of 2023 (12.11%). Growth decreased by 3.70% points when compared to Q3 2024 which was 5.17%.
The total value of capital importation into Nigeria in the first quarter of 2022 stood at US$1,573.14 million from US$2,187.63 million in the preceding quarter showing a decrease of 28.09%. When compared to the corresponding quarter of 2021, capital importation decreased by 17.46% from US$1,905.89 million.
The unfolding of this new year offers us a fresh opportunity and platform to shape the year with our efforts and achievements. Here, at the National Bureau of Statistics, we have commenced the year 2024 with a renewed determination to fulfil our mandate of producing reliable, timely and robust data for planning and evidence-based decision-making for development and national progress.
National Bureau of Statistics.
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