The National Bureau of Statistics on Tuesday said the Gross Domestic Product in real terms grew by 3.84 per cent in the fourth quarter of 2024 on a year-on-year basis, which is 0.38 per cent points higher than the rate recorded in Q4 2023 (3.46 per cent).
Similarly, it was higher by 0.38 per cent basis points relative to a similar growth rate of 3.46 per cent recorded in the third quarter of 2024.
This reflected a higher economic improvement when compared to the preceding quarter (Q3 2024), with the service sector still playing the role of the major driver of the economy which recorded a growth of 5.37 per cent and contributed 57.38 per cent to the aggregate GDP.
Similarly, on a quarter-on-quarter basis, the real GDP grew by 10.99 per cent in Q4 2024, reflecting a higher production level than in Q3 2024.
The estimated economic activity in real terms for Q4 2024 stood at ₦22.61tn, which is higher than the rates recorded in Q3 2024 and Q4 2023 which stood at ₦20.11tn and ₦21.77tn.
This also highlighted the improvement in the quarter under review compared to the previous quarters of Q3 2024 and Q4 2024.
The NBS said the year 2024 ended with an overall annual GDP growth rate of 3.40 per cent, from the 2.74 per cent reported in 2023.
The NBS report stated that there was a decline in the performance of agriculture and industry in 2024 relative to 2023, while the performance of the Services sector improved in 2024.
In nominal terms, aggregate GDP stood at ₦78.37tn in Q4 of 2024, indicating a year-on-year nominal growth rate of 18.91 per cent.
This is higher than the value of ₦65.9tn in Q4 2023 and ₦71.13tn in the preceding quarter.
The major contributing economic activities in real terms in the quarter under review are crop production 23.42 per cent, trade 15.11 per cent, telecommunication 14.40 per cent, real estate 5.88 per cent, financial institutions 5.76 per cent, and crude petroleum 4.60 per cent.
Analyses of the contributions of the broad economic sectors in the period under review showed that agriculture contributed 25.59 per cent, industry 17.03 per cent, and services 57.38 per cent. Agriculture and industry’s contribution was less than their contributions in Q4 of 2023 by 0.53 per cent and 0.31 basis points respectively.
The Services sector had the highest contribution to the GDP in Q4 2024, surpassing their contribution in the corresponding quarter of 2023 by 0.83 per cent basis points.
The annual contributions of the economic sector show that Agriculture contributed 24.64 per cent in 2024 which is lower compared to its contributions which stood at 25.18 per cent in 2023.
Similarly, the industry sector’s annual contribution was 18.47 per cent which is also lower than the figure recorded for 2023 (18.65 per cent).
However, the services sector contributions for 2024 were 56.89 per cent which exceeded the 56.18 per cent recorded for 2023.
