Nigeria’s economy grew at its fastest pace in three years in the fourth quarter of 2024, driven mainly by the services sector.
The country’s Gross Domestic Product (GDP) grew 3.84% in annual terms, surpassing the 3.46% growth rate recorded in the third quarter.
The services sector led the growth, expanding 5.37% year-on-year, according to the National Bureau of Statistics. The full-year growth rate accelerated to 3.40% in 2024, up from 2.74% in 2023.
However, the growth rate still falls short of President Bola Tinubu’s 6% target.
The government plans to rebase its GDP data to better reflect the current economic landscape, accounting for growth in sectors such as the marine economy, arts, and culture.
The International Monetary Fund forecasts Nigeria’s economy to grow 3.2% in 2025. Average daily oil output remained relatively stable at 1.54 million barrels per day in the fourth quarter.
