Nigeria’s economy grows at faster pace in 2024

Nigeria’s economy expanded by 3.4 percent last year, compared to a growth rate of 2.74 percent in 2023, new official data shows.

The Gross Domestic Product (GDP) grew by 3.84 percent (year-on-year) in real terms in the fourth quarter of 2024, up from 3.46 percent in the previous three months, according to the National Bureau of Statistics (NBS).

“The performance of the GDP in the fourth quarter of 2024 was driven mainly by the services sector, which recorded a growth of 5.37 percent and contributed 57.38 percent to the aggregate GDP,” the NBS said on Tuesday.