Nigerian economy hits 3-year high on services’ growth 

Nigeria’s Gross Domestic Product (GDP) surged by 3.84 percent in real terms in the fourth quarter of 2024 from  3.46 percent in 2023, according to the latest report from the National Bureau of Statistics (NBS).

This represents the highest GDP growth in three years.

This growth, driven primarily by the services sector, which expanded by 5.37 per cent, underscores the resilience of the Nigerian economy despite global uncertainties. However, in 2024, Nigeria’s GDP growth stood at 3.40 percent, up from 2.74 percent in 2023, reflecting continued recovery and expansion in key sectors.

The services sector contributed 57.38 percent to the nation’s overall GDP, reinforcing its role as a critical driver of economic expansion.

However, agriculture experienced a slight slowdown, growing at 1.76 percent, down from 2.10 percent in Q4 2023. Similarly, the industry sector recorded a 2.00 percent growth rate, declining from 3.86 percent in the previous year.