Nigeria’s economy recorded a 3.84% growth in real terms in the fourth quarter of 2024, marking an improvement from the 3.46% growth rate recorded in the same period of 2023. 

The latest Gross Domestic Product (GDP) figures, released by the National Bureau of Statistics (NBS), indicate a steady upward trajectory, with the Q4 performance also slightly exceeding the 3.46% growth recorded in the third quarter of 2024.

According to the NBS report, the primary driver of this growth was the services sector, which expanded by 5.37% and accounted for 57.38% of the total GDP. 

The strong performance in services highlights the growing importance of industries such as telecommunications, financial services, trade, and information technology in sustaining economic expansion. 

Beyond the services sector, other segments of the economy also contributed to the GDP increase. While agriculture and industry remain vital to Nigeria’s economic structure, their growth rates were comparatively lower.

The agriculture sector, which includes crop production, livestock, forestry, and fishing, showed resilience despite seasonal challenges and fluctuations in global commodity prices. The industrial sector, which encompasses manufacturing, mining, and construction, faced mixed fortunes due to persistent challenges such as fluctuating oil production, foreign exchange volatility, and infrastructure constraints.