The National Bureau of Statistics (NBS) has said Nigeria’s annual gross domestic product (GDP) rate grew by 3.84 percent in the fourth quarter (Q4) of 2024.
In its GDP report published on Tuesday, NBS stated that the growth rate is higher than the 3.46 percent gained in Q3 2024.
The bureau noted that the growth rate is also higher than the 3.46 percent recorded in the fourth quarter of 2023.
According to the report, the performance of the GDP in the period under review was powered primarily by the services sector, which recorded a growth rate of 5.37 percent and contributed 57.38 percent to the aggregate GDP.
“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023,” the report reads.
“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.
“Overall, the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023.”
The NBS also said the nominal GDP was N78.37 trillion in Q4 2024.
Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year. however, while real GDP is adjusted for inflation, nominal GDP is not.
“This performance is higher when compared to the fourth quarter of 2023 which recorded aggregate GDP of N65,908,258.59 million, indicating a year-on-year nominal growth of 18.91%,” the bureau said.
