Nigeria’s economy maintained its growth momentum in the fourth quarter of 2024, with real GDP growing by 3.84% year-on-year, exceeding expectations.

This growth rate is 14 basis points higher than Cordros’ estimate and 74 basis points higher than Bloomberg’s median consensus ¹.

The oil sector grew by 1.48% year-on-year in Q4 2024, with crude oil production averaging 1.54 million barrels per day, 4.8% higher than in Q3 2024.

However, the non-oil sector expanded by 3.96% year-on-year, contributing 95.40% to the total GDP.

In terms of sectoral performance, Services GDP expanded by 5.37% year-on-year, while Agriculture GDP grew by 1.76% year-on-year. Industries GDP grew by 2.00% year-on-year. Services, Agriculture, and Industries accounted for 57.38%, 25.59%, and 17.03% of the overall GDP, respectively.