Similarly, it was higher by 0.38 per cent, basic points relative to a growth rate of 3.46 per cent recorded in the third quarter of 2024, the NBS said.
The Statistcian-General of the Federation, National Bureau of Statistics, Prince Adeyemi Adeniran made the disclosure yesterday while releasing the nation’s GDP figures in Abuja.
Adeniran stressed that the figures reflected a higher economic improvement when compared to the preceding quarter Q3 2024 with the service sector still playing the role of the major driver of the economy recording a growth of 5.37 percent and contributed 57.38 percent to the aggregate GDP.
“On a quarter-on-quarter basis, the real GDP grew by 10.99 percent in Q4 2024, reflecting a higher production level than in Q3 2024,’’the NBS Chief Executive said.
The estimated economic activity in real terms for Q4 2024 stood at ₦22,610,393.45 million, which is higher than the rates recorded in Q3 2024 and Q4 2023 standing at ₦20,115,766.93 million and ₦21,773,263.25 million.
According to him, this also highlighted the improvement in the quarter under review compared to the previous quarters of Q3 2024 and Q4 2024.
He explained that year 2024 ended with an overall annual GDP growth rate of 3.40 per cent from the 2.74 per cent reported in 2023, adding that there was a decline in the performance of agriculture and Industry in 2024 relative to 2023, while the performance of the Services sector improved in 2024.
He further stated that in nominal terms (current price), aggregate GDP stood at ₦78,374,120.95 million in Q4 of 2024, indicating a year-on-year nominal growth rate of 18.91 percent.
“This is higher than the value of ₦65,908,258.59 million in Q4 2023 and ₦71,131,091.07 million in the preceding quarter.3,’’Adeniran noted.
He listed the major contributing economic activities in real terms in the quarter under review (i.e., Q4 2024) to include, Crop Production 23.42 percent , Trade 15.11 percent, Telecommunication 14.40 per cent ,Real Estate 5.88 per cent, Financial Institutions 5.76 per cent and crude/petroleum 4.60 per cent respectively, even as a broad classification of the economic activities into Agriculture, Industry, and Services sectors based on growth.
“The Agricultural Sector grew by 1.76 percent and the Industry grew by 2.00 percent which shows a decline compared to the rate recorded in Q4 2023 at 2.10 percent and 3.86 percent, the Services sector recorded a 5.37 percent increase compared to the 3.98 percent recorded in Q4 2023.
Analyses of the contributions of the broad economic sectors in the period under review. Agriculture contributed 25.59 per cent Industry 17.03 per cent , and Services 57.38 per cent
According to the NBS boss, Agriculture and Industry’s contributions were less than their contributions in Q4 of 2023 by 0.53 percent. and 0.31 basis points.
He said that the Services sector had the highest contribution to the GDP in Q4 2024, surpassing the contribution in the corresponding quarter of 2023 by 0.83 per cent basis points
“The annual contributions of the economic sector show that Agriculture contributed 24.64 percent in 2024 which is lower compared to its contributions which stood at 25.18 percent in 2023. Similarly, the industry sector’s annual contribution was 18.47 percent which is also lower than the figure recorded for 2023 18.65 percent
He however, added that the services sector contributions for 2024 were 56.89 per cent exceeding the 56.18 recorded for 2023.Further disaggregation of the economic activities into oil and non-oil sectors.
“The oil GDP grew by 1.48 per cent in Q4 2024, which shows a decline compared to 12.11 per cent recorded in Q4 2023, and the previous quarter of Q3 2024 which stood at 5.17 percent.
He noted that the oil sector accounted for 4.60 per cent during the quarter under review, the annual oil GDP for 2024 grew by 5.54 per cent, which is 7.75 per cent higher than the annual GDP recorded for 2023 (-2.22 per cent. while the annual contribution of oil stood at 5.51per cent in 2024 higher than its contribution in Q4 2023 (5.40 percent
“The fourth quarter of 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd, on the contrary, the fourth quarter of 2024 production volume was higher than the third quarter of 2024 (1.47 mbpd) by 0.06 mbpd.
“The non-oil sector contributes 95.40 per cent to the GDP in Q4 of 2024 in real terms. This shows an increase on a year-on-year basis when compared to the same period of Q4 2023 which recorded 95.30 percent, similarly, the quarter under review exceeds the 94.43 percent recorded in Q3 2024, the economic performance of the non-oil sector in Q4 2024 is attributed to the growth recorded in some economic activities, including Rail Transport & Pipelines, Metal Ores, Financial Institutions, Road Transport, Quarrying & Other Minerals, and Insurance’’
“On an annual basis, the non-oil grew by 3.27 per cent in 2024, which is higher than the rate recorded in 2023 standing at 3.04 per cent while in terms of aggregate contributions, the non-oil contributed 94.49 per cent in 2024, which is lower than the 94.60 percent reported in 2023”
