ABUJA, Feb 25 (Naija247news) – Nigeria’s economy recorded its fastest growth in three years, with gross domestic product (GDP) expanding by 3.84% in Q4 2024, fueled by strong performances in the services, agriculture, and industrial sectors, according to data from the National Bureau of Statistics (NBS).
Thank you for reading this post, don't forget to subscribe!Sectoral Performance in Q4 2024
• Services Sector: Led growth with a 5.37% expansion, reflecting increased activity in finance, telecommunications, and trade.
• Agriculture: Grew by 1.76%, supported by stable crop production despite challenges in the sector.
• Industrial Sector: Expanded by 2.00%, driven by growth in manufacturing and construction.
• Oil and Gas: Average daily crude oil production stood at 1.54 million barrels per day, slightly lower than 1.56 million bpd in the same period of 2023.
Annual Growth and Economic Policies
• Full-year GDP growth in 2024 was 3.40%, an improvement from 2.74% in 2023, showing the impact of policy reforms and economic diversification.
• Despite this progress, the economy remains below President Bola Tinubu’s 6% growth target, set when he took office in 2023.
• GDP Rebasing Plans: Nigeria plans to rebase its GDP to better reflect modern economic activities, incorporating fast-growing sectors such as marine economy, arts, culture, tourism, information and communication technology (ICT), and e-commerce.
Economic Reforms and Outlook for 2025
• Tinubu’s administration has implemented bold economic reforms, including currency adjustments and deregulation policies, to improve investment flows and boost economic performance.
• The World Bank noted in 2024 that Nigeria was beginning to reap the benefits of these reforms.
• The International Monetary Fund (IMF) projects Nigeria’s GDP will grow by 3.2% in 2025, with further expansion in services, technology, and trade sectors expected to drive growth.
Despite macroeconomic challenges, Nigeria’s young population, digital transformation, and increasing non-oil contributions are expected to sustain its economic momentum.
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