February 26, 2025/United Capital Report
Yesterday, the National Bureau of Statistics (NBS) published its FY/Q4-2024 GDP report. According to the report, Q4-2024 GDP expanded by 3.84% y/y, representing the 17th consecutive quarterly y/y growth, firmly putting recession fears aside. It is also Nigeria’s highest GDP growth rate since Q4-2021 when it grew by 3.98% y/y.
The economy has shown signs of recovery since the Q3 2020 recession, with real GDP growth averaging 2.96% annually over the subsequent quarters. For FY-2024, GDP expanded by 3.40%, compared to 2.74% in 2023. The expansion was broadly supported by 4.70% decent growth in the Services sector and a 2.45% modest growth in Industries and 1.19% growth in Agriculture.
The statistics showed that real GDP growth in Q4-2024 was greater than its 3.46% growth in Q3-2024, reflecting the impact of stronger economic activities in Q4 due to festivities and end-of-year celebrations.
Kindly download the attached file to view our report and expectations.
Please Click Here for the full NBS report.
