The Federal Government may have something to celebrate as the country’s Gross Domestic Product (GDP) surged by 3.84 percent in real terms in the fourth quarter of 2024 from 3.46 percent in 2023.
This is according to the latest report from the National Bureau of Statistics (NBS), representing the highest GDP growth in three years.
With the services sector as the main driver on 5.37 per cent expansion, it underscores the resilience of the Nigerian economy despite global uncertainties and internal contradictions.
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Besides, the growth seems to be on growing trajectory as 3.40 percent GDP growth in 2024, was up from the preceeding year’s 2.74 percent, even as the recovery was from other sectors.
Indeed, the Services sector contributed 57.38 percent to the nation’s overall GDP, reinforcing its role as a critical driver of economic expansion.
However, agriculture experienced a slight slowdown, growing at 1.76 percent, down from 2.10 percent in Q4 2023. Similarly, the industry sector recorded a 2.00 percent growth rate, declining from 3.86 percent in the previous year.