Nigeria’s economy continued its growth momentum in the final quarter of 2024, as GDP expanded by 3.84%, improving from 3.46% in the same period of 2023.
While this signals a continued recovery, the latest report from the National Bureau of Statistics (NBS) presents a more nuanced picture of sectoral performance.
Leading the way, the services sector drove much of this expansion, growing by 5.37% and contributing a substantial 57.38% to the overall GDP.
This underscores the sector’s increasing importance in Nigeria’s economic structure, as industries such as telecommunications, banking, and trade continue to thrive.
Agriculture And Industry Face Challenges
Meanwhile, other key sectors faced challenges.
Read Also; Stakeholders Push For Unified SEZ Regulations To Enhance Export
Agricultural output slowed down, rising by only 1.76%, compared to 2.10% in Q4 2023.
Likewise, growth in the industrial sector dropped to 2.00% from 3.86% the previous year, indicating that some industries struggled to maintain their pace.
Annual Growth Shows Progress
Looking at the broader picture, Nigeria’s economy maintained its upward trajectory in 2024, with GDP increasing by 3.40%, up from 2.74 % in 2023.
While this trend reflects resilience, the uneven sectoral performance highlights the urgent need for targeted policies that will promote balanced and sustainable economic growth in the years ahead.
