As per the latest Nigerian Gross Domestic Product (GDP) report by the country’s National Bureau of Statistics, Nigeria experienced a 3.84% (year-on-year) growth in real terms in the fourth quarter of 2024.
- Business Insider Africa presents the top 10 sectors that contributed to Nigeria’s latest GDP growth.
- This list is courtesy of the National Bureau of Statistics.
- The service sector recorded the highest growth in the period under review.
The report notes that the growth increase recorded for the previous fiscal quarter is higher than the growth recorded in the same quarter for the year prior.
“Nigeria’s Gross Domestic Product (GDP) grew by 3.84% (year-on-year) in real terms in the fourth quarter of 2024. This growth rate is higher than the 3.46% recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46%),” the report states.
Concerning the country’s chief export, oil, average daily production in the fourth quarter of 2024 was less than that in the same quarter in 2023.
Oil production for Q4 of 2024 came in at 1.54 million barrels per day (mbpd), which was 0.03 mbpd less than the 1.56 mbpd daily average production in Q3 of 2023 but 0.06 mbpd more than the 1.47 mbpd production volume in the third quarter of 2024.
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![Oil production in Nigeria [unsplash]](https://ocdn.eu/pulscms/MDA_/d22fdf61ee21c7df5515ad08e9eb9007.jpg)
Other non-oil sectors, during the review period, also contributed to the growth of the country’s GDP, most prevalent of which was the services sector, which recorded a growth of 5.37% and contributed 57.38% 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 growth of the industry sector was 2.00%, a decline from 3.86% recorded in the fourth quarter of 2023,” the report states.
“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,” it adds.
With that said, here are the top 10 contributing sectors to GDP growth rate in Q$ 2024 at current prices (Nominal GDP Growth).
Top 10 sectors that contributed to Nigeria’s latest GDP growth
| Rank | Sector | (Nominal GDP growth) % |
|---|---|---|
| 1. | Coal Mining | 122.13 |
| 2. | Crude Petroleum and Natural Gas | 93.41 |
| 3. | Rail Transport & Pipelines | 87.84 |
| 4. | Financial Institutions | 83.07 |
| 5. | Air Transport | 69.83 |
| 6. | Insurance | 66.65 |
| 7. | Post and Courier Services | 63.81 |
| 8. | Public Administration | 45.68 |
| 9. | Professional Scientific and Technical Services | 44.81 |
| 10. | Adminstrative Support and Services | 44.46 |
