Nigeria’s GDP grew by 3.84% in Q4 2024, driven by a strong Services sector, according to the NBS. The report also highlighted a drop in inflation to 24.48% in January 2025. However, the industrial sector declined, and oil production saw a slight dip compared to the previous year.
Nigeria’s economy recorded a 3.84% growth rate in the fourth quarter of 2024, according to the latest data from the National Bureau of Statistics (NBS). This marks an improvement from the 3.46% growth reported in both the previous quarter and the same period in 2023.
The report attributed the economic expansion primarily to the Services sector, which grew by 5.37%, contributing the largest share to the nation’s GDP. However, the agricultural sector saw slower growth at 1.76%, down from the 2.10% recorded in Q4 2023. Meanwhile, industrial growth declined to 2.00%, a drop from the previous year’s 3.86%.
Nigeria’s oil production also experienced a slight decline. The country produced an average of 1.54 million barrels per day (mbpd) in the last quarter of 2024, a small drop compared to the 1.56 mbpd recorded in the same quarter of 2023. However, this was an improvement over the 1.47 mbpd output from Q3 2024.
Additionally, inflation figures showed a significant decline. The NBS reported that headline inflation dropped from 34.80% in December 2024 to 24.48% in January 2025. This decrease suggests a slowdown in the rate of price increases for goods and services, potentially offering relief to businesses and consumers.
While the economy continues to expand, challenges in the industrial sector and oil production persist. Economists suggest that sustaining growth will require policy adjustments to boost productivity and economic diversification.
