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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.

The Business NG Description:

Forlegger: Tuns-Media-&-Comm-Enterprise

Kategori: Newspaper

Språk: English

Hyppighet: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level