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ABUJA – Nigeria’s GDP Growth hit 3.4% in 2024, according to the National Bureau of Statistics (NBS). This is up 0.66 percentage points from 2.74% in 2023.
The NBS reported that the yearly GDP Growth was higher than last year. The oil sector also grew by 5.5%.
The services sector was the main reason for the increase. It grew by 5.37% and added 57.38% to the total GDP. Agriculture increased by 1.76%. Industry grew by 2.00%, which was lower than in 2023.
The non-oil part of the economy grew by 3.96% in the last quarter of 2024. Finance, insurance, telecom, farming, transport, trade, and manufacturing helped this growth.
The non-oil sector made up 95.40% of Nigeria’s GDP in the fourth quarter of 2024. This was more than in the same period of 2023. The services sector played a big role in overall GDP Growth. The improved figures suggest a positive trend for the Nigerian economy. Further details will be released by the NBS.
