Nigeria GDP Growth Strongest in 3 Years

Nigeria's economy advanced by 3.84% year-on-year in Q4 2024, the most since Q4 2021 and accelerating from 3.46% in the previous three-month period.

The services sector remained the primary engine of growth, expanding by 5.37% and accounting for 57.38% of total GDP., largely propelled by financial and insurance institutions and the telecommunications sector.

In the meantime, growth in the industrial sector moderated to 2% from 3.86% in Q3, and agricultural output slowed to 1.76%, down from 2.10%.

The real growth of the oil sector was 1.48%, down sharply from 5.17% in Q3.

The average daily crude oil production reached 1.54 million barrels per day in Q4, up from 1.47 million bpd in Q3 2024 but below 1.56 million bpd in the same period last year.

Considering the whole year of 2024, Nigeria's economic growth reached 3.40%, compared to 2.74% a year earlier.