Nigeria’s Gross Domestic Product (GDP) growth rose to 3.4% in 2024, up from 2.74% in 2023, according to the National Bureau of Statistics (NBS). The report, released on Tuesday, showed that the economy expanded at its fastest pace in three years, driven largely by the services sector and non-oil industries.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed the latest figures, describing them as a testament to the resilience of the Nigerian economy and the success of President Bola Tinubu’s Renewed Hope Agenda.
According to the NBS, the services sector was the major driver of the economy, contributing 57.38% to total GDP. The non-oil sector, which accounted for 95.40% of total GDP in Q4 2024, continued to lead economic growth. Meanwhile, the oil sector’s contribution declined to 4.60%, down from 5.57% in the previous quarter.
In real terms, the economy grew to N22.61 trillion in Q4, up from N20.12 trillion in Q3 and N21.77 trillion in Q4 2023. In nominal terms, GDP stood at N78.37 trillion, reflecting an 18.91% year-on-year growth.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), described the 3.84% GDP growth in Q4 as an indication of economic recovery and investor resilience. He noted that macroeconomic conditions began to improve in the second half of 2024, with relative naira stability, easing inflation, and lower energy costs boosting investor confidence.
A significant highlight of the report was the petroleum refining sector’s recovery, posting an impressive 9.6% growth, largely attributed to the Dangote Refinery and the resumption of operations at NNPC refineries.
Edun assured Nigerians that the government’s economic policies, particularly agricultural investments and financial sector reforms, were aimed at translating growth into improved livelihoods for all citizens.
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