Nigeria’s economy has continued to expand according to the latest data from the national bureau of statistics.
It shows that 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.
The NBS data shows that 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 agriculture sector dropped to 1.76%, down 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.
The major contributing economic activities in real terms in the quarter under review are crop production 23.42%, trade 15.11%, telecommunication 14.40%, real estate 5.88%, financial institutions 5.76% and crude petroleum 4.60%.