February 26, 2025/CSL Research
Nigeria’s economy expanded by 3.84% year-on-year (y/y) in real terms in Q4 2024, according to the latest Gross Domestic Product (GDP) report from the National Bureau of Statistics (NBS). This reflects an improvement from the 3.46% recorded in both Q4 2023 and Q3 2024. For the full year, GDP grew by 3.40% in 2024, up from 2.74% in 2023, driven by growth in both the oil and non-oil sectors.
The non-oil sector remained the primary driver of economic activity, contributing 94.49% to total GDP, while the oil sector accounted for 5.51%. The non-oil sector grew by 3.96% in Q4 2024, an increase from 3.07% in Q4 2023 and 3.37% in Q3 2024.
However, the oil sector faced challenges, with growth contracting to 1.48% y/y in Q4 2024, a significant decline from 12.11% in Q4 2023 and 5.17% in Q3 2024. For full-year 2024, the non-oil sector grew by 3.27%, up from 3.04% in 2023, while the oil sector rebounded with 5.54% growth, recovering from a 2.22% contraction in 2023
Click here to download full report: CSL Nigeria Daily – 26 February 2025 – GDP.pdf
