₦airaland Forum

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) rate grew by 3.84 percent in the fourth quarter (Q4) of 2024.

In its GDP report published on Tuesday, NBS said the growth rate is higher than the 3.46 percent recorded in Q3 2024.

The bureau said the growth rate is also higher than the 3.46 percent recorded in the fourth quarter of 2023.

According to the report, the performance of the GDP in the period reviewed was driven mainly by the services sector, which recorded a growth rate of 5.37 percent and contributed 57.38 percent to the aggregate GDP.

“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023,” the report reads.

“The growth of the industry sector was 2.00%, a decline from 3.86% recorded in the fourth quarter of 2023.

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the fourth quarter of 2024 compared to the corresponding quarter of 2023.


“Overall, the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023.”

The NBS also said the nominal GDP was N78.37 trillion in Q4 2024.

Nominal GDP and real GDP both quantify the total value of all goods produced in a country in a year. however, while real GDP is adjusted for inflation, nominal GDP is not.

“This performance is higher when compared to the fourth quarter of 2023 which recorded aggregate GDP of N65,908,258.59 million, indicating a year-on-year nominal growth of 18.91%,” the bureau said.

‘OIL PRODUCTION DROPPED TO 1.54M BARRELS IN Q4 2024 (Y-ON-Y)’

In the report, the data bureau said the country recorded an average oil production of 1.54 million barrels per day (mbpd) in the fourth quarter of the year.

According to NBS, it is “0.03million bpd lower” than the fourth quarter of 2023 production volume of 1.56mbpd and “0.06mbd higher than the daily average production of 1.47mbpd recorded in the third quarter of 2024”.

“The real growth of the oil sector was 1.48% (year-on-year) in Q4 2024, indicating a decrease of 10.64% points relative to the rate recorded in the corresponding quarter of 2023 (12.11%),” the report reads.

“Growth decreased by 3.70% points when compared to Q3 2024 which was 5.17%.

“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -7.19% in Q4 2024.

“The annual growth rate of oil stood at 5.54%, higher than the -2.22% recorded in 2023.”

The report further explained that the oil sector contributed 4.60 percent to Nigeria’s total real GDP in Q4 2024. compared to 4.70 percent in the corresponding period in 2023.

Additionally, the sector’s contribution also dropped from the preceding quarter, where it accounted for 5.57 percent of real GDP.

‘NON-OIL SECTOR CONTRIBUTED 95.40% TO Q4 GDP RATE GROWTH’

The non-oil sector grew by 3.96 percent in real terms in Q4 2024.

NBS said the rate was higher by 0.89 percent points compared to the rate recorded in the same quarter of 2023 which was 3.07 percent and higher than the 3.37 percent recorded in the third quarter of 2024.

In the fourth quarter of 2024, the sector was mainly driven by financial and insurance institutions and information and communication (telecommunications).

The industries played a key role in supporting economic activity during the period.

Additionally, Agriculture (crop production), transportation and storage (road transport), trade, and manufacturing contributed to positive GDP growth.

“In real terms, the non-oil sector contributed 95.40% to the nation’s GDP in the fourth quarter of 2024, higher than the share recorded in the fourth quarter of 2023 which was 95.30% and higher than the third quarter of 2024 recorded as 94.43%,” the report added

“Moreover, on aggregate of 94.49% was contributed in 2024, lower than the 94.60% reported in 2023.”

On February 18, NBS said Nigeria’s inflation rate dropped from 34.8 percent in December 2024, to 24.48 percent in January 2025.

Emu4life:
Lori Iro

fuckJones:
dot nation will still not be happy

temitope27:
hypertension is real oo

DeepSightZ:
They will soon do a magical rebasing that will tell you that our GDP is now over a trillion dollars.

In George Orwell's "Animal Farm" Squealer would "read out to them (the animals) lists of figures proving that production had increased by two hundred percent, three hundred percent, or five hundred percent."

Emu4life:
When you go ro the Market to Buy things, that's when you that Hypertension is real.
Ode Omo

MadPolitician:
All these "computer generated growths" will not save this country. You guys should stop playing politics with peoples life. Be serious for once, you platoon of inepts! A loaf of bread is nearly 2k, a bag of rice is nearly 100k, to transport yourself from Abuja to Calabar, you may need all of your monthly salary. Electricity is still epileptic and school fees are soaring. Yet you guys are playing politics with a phoney computer generated "GDP growth"? APC should Stop this mumbo-jumbo, people's lives are at stake..

temitope27:
hypertension is real oo

adioolayi:
Until prices of basic goods and services are affordable by a common man....all these are pure academic grammar.


All we want is to have little money that can buy something tangible like before.

fuckJones:
dot nation will still not be happy

fuckJones:
dot nation will still not be happy

Glimpsetv:
A large crowd of Lagosians was filmed in a long queue struggling to collect a loaf of bread. To maintain order, several military personnel were on the ground to control the crowd. This has triggered a lot of reactions online.

Watch the video, share your thoughts in the comments.


https://www.youtube.com/watch?v=zYltMapDyIo?si=0-hO0Vt5C9uBxVd1

epainos:
After pondering on Nigeria's calamities, I have written it many times that separation is the best solution.

In the interim, a good Nigerian president who wants to be loved should forget about statistics and the recognition from the IMF, World Bank, World Trade Center, etc. Rather, massive food production is what the president should focus on. Yes, it will not add much to the GDP because Agriculture hardly helps the GDP push nations to become super power, but food is vital. And I think it is the most essential thing for every poor nation. And Naija's case is worse because there are too many gluttons around. If you doubt me, check out the way they rush food in parties. Lol. Even well dressed men who have just sprayed thousands of naira notes frown eyes when not served what they think they deserve. Lol. Food is the first thing you can use to kill Nigerian men, and not sex. Yes, food and sex kill them easily, but food has more casualties.

If I was the president, I would invest massively in Agric. Can't we see the way Awo is still praised till date? What did he do? He provided machineries to clear bushes and almost free economical seedlings to farmers. Not that expensive to do even today. And they are still reaping the benefits. Cant governors or Presidents just use the same format? They are all busy chasing statistical approvals from foreign bodies.

Na wa oooo!

Babasessy:
The Awolowo rebirth in the Southwest has inspired gongs, songs and rhetoric of sorts. But they have missed one point.

It occurred to me in Abeokuta last week amidst the big crowds and euphoria of the swearing-in of Senator Ibikunle Amosun as governor. In all the states from Lagos to Edo, where Awo has witnessed ideological resurgence, hardly a single family member has played a role.

So we have an Awo family without an Awo. That is an irony. But history overwhelms us with this sort of twist. Obafemi Awolowo toiled for his reputation. His roots were lowly, he toiled to school both home and abroad, launched into careers in law, business, journalism and eventually politics. He carved a niche for himself, and became the first methodical and charismatic leftist in our history.  Other leftists abounded but they did not inspire comparable drama and following.

He faced tribulations, went to jail, failed in elections, won a few, but he imprinted his ideas and legacy in the country, and no single mortal has beaten him in the history of this country. His greatest achievement was in the area of ideas, and that was how he fashioned a family. Most families are born of biology but his issued from ideology. That family suffered with him.

In a spoof of Jesus Christ, these were the men who followed him in his teachings, and endured with him in his temptations. So he formed a kingdom for them in the Southwest, in the old Western Region, presiding over his projects, his legacies and people.

In all of these, the family he had was not his flesh and blood. In another spoof of Christ, who were his family anyway? Those who were with him must be counted as his family. So, I combed in the ambience of Babatunde Raji Fashola (SAN), and I found none. I went to Ogun, I frisked the crowd under Amosun’s bower, hardly any. Around Ogbeni Rauf Aregbesola in Osun, I could not lay a finger. With Governor Kayode Fayemi in Ekiti, where are the forbears of Awo? Yet, I can hear the chants of Awo. Hardly in any of the inaugural speeches or any of their other public intervention would you miss the philtre and filter of Awo from these gentlemen. To parody Novelist Joseph Conrad, they are the sparks from Awo’s sacred fire, the messengers of the might within the man.

Already all of them are pursuing the legacy ideas of Awo: free education, free health services, infrastructural development, urban renewal and economic engineering.

Lagos has posted itself as the John the Baptist. The others are putting up valiant efforts, and the world of course is watching to see how well they will perform. It will call for great work, resourcefulness and cooperation. They are the real Awoists, and Awo was a man of rigour and vigour.

The Awo son that many expected to take after the father was Olusegun, who unfortunately died in a car crash. We shall never know if he could have pulled it off.  But the others have not shown much of the paterfamilias’ brio and depth. In the past decade, under this republic, they have blended with the wrong crowd. Even H.I.D, hobnobbed with Alao-Akala, who brought illiteracy to governance; with Oyinlola who turned the grace of office into a hell-hole of despots; with Daniel who could not arrest his quick fall into megalomania.

I wrote once that this woman whom Awo once described as the jewel of inestimable value has lost value to his cause. If he came back to life, he would have committed the extraordinary act of divorce after death. Even his newspaper, The Tribune, has so stumbled and fallen that it swims in Awo’s vomit.

                                                                             http://www.thenationonlineng.net/2011/index.php/columnist/monday/sam-omatseye/index.1.html