Nigeria’s economy recorded a 3.4% growth in 2024, marking a notable improvement from the 2.74% growth seen in 2023, according to the National Bureau of Statistics (NBS).
The boost in GDP was largely fueled by the services sector, which expanded by 5.37% and contributed 57.38% to the total economy. The oil sector also rebounded, growing by 5.54% after contracting by -2.22% the previous year. Meanwhile, the non-oil sector saw moderate growth, rising by 3.27% compared to 3.04% in 2023.
Quarterly data showed a strong finish to the year, with GDP growing by 3.84% in Q4 2024—higher than the 3.46% recorded in both Q3 2024 and Q4 2023.
While the agriculture sector saw slower growth at 1.76% compared to 2.1% in Q4 2023, the industrial sector recorded a decline, growing by just 2.0% compared to 3.86% in the previous year’s fourth quarter.
The latest data highlights Nigeria’s steady economic recovery, with the services sector playing a leading role in driving overall growth.
