The Business NG - February 26, 2025

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Nigeria’s GDP Growth Accelerates to 3.84% in Q4 2024

Nigeria’s economy posted a 3.84% year-on-year GDP growth in Q4 2024, reflecting an improvement from 3.46% in Q3 and the same period in 2023, according to the latest data from the National Bureau of Statistics (NBS).
The surge was largely fueled by the services sector, which grew by 5.37% and accounted for 57.38% of the total GDP. Key drivers included financial services, telecommunications, and trade. This underscores the sector’s growing influence in Nigeria’s economic landscape, particularly as non-oil sectors continue to dominate growth patterns.
However, the oil sector remained under pressure, struggling to recover from previous declines. The sluggish performance of oil further highlights Nigeria’s ongoing shift towards a more diversified economy.
While the Q4 GDP figures signal resilience, concerns over inflation, fiscal pressures, and structural bottlenecks persist. Analysts believe sustained policy reforms and investment in non-oil industries will be crucial for maintaining this momentum in 2025.