TUE FEB 25 2025-theGBJournal| Nigeria’s economy maintained its growth momentum in Q4-24, with real gross domestic product (GDP) growing by 3.84% y/y (Q3-24: +3.46% y/y), according to the National Bureau of Statistics (NBS) GDP tata released today.
The growth outturn is 14bps and 74bps higher than Cordros’ (+3.70% y/y) and Bloomberg’s median consensus (+3.10% y/y) estimates, respectively.
The strong growth represents a significant recovery for the country, which has been battling ravaging inflation and shrinking revenue.
The GDP performance in the quarter under review was powered primarily by the services sector, which scored a growth of 5.37% and contributed 57.38% to the aggregate GDP, according to the data. Agriculture, and Industries contributed 25.59% and 17.03% of the overall GDP
Similarly, the oil sector grew by 1.48% y/y in Q4-24 (Q3-24: +5.17% y/y).
According to NBS, crude oil production averaged 1.54mb/d in Q4-24, 4.8% y/y higher than in Q3-24 (1.47mb/d). As a result, the oil sector contributed 4.60% to the total GDP (Q3-24: 5.57%) during the review period.
At the same time, the non-oil sector expanded by 3.96% y/y in Q4-24 (Q3-24: +3.37% y/y). Thus, the non-oil sector contributed 95.40% to the total GDP (vs 94.43% in Q3-24).
From a sectoral perspective, Agriculture GDP grew by 1.76% y/y (Q3-24: +1.14% y/y), Services GDP expanded by 5.37% y/y (Q3-24: +5.19% y/y), while Industries GDP grew by 2.00% y/y (Q3-24: +2.18% y/y).
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