According to the National Bureau of Statistics (NBS), Nigeria’s economy maintained its growth momentum in Q4-24, with real GDP growing by 3.84% y/y (Q3-24: +3.46% y/y).
The growth outturn is 14bps and 74bps higher than Cordros’ (+3.70% y/y) and Bloomberg’s median consensus (+3.10% y/y) estimates, respectively.
Based on the GDP breakdown provided, the oil sector grew by 1.48% y/y in Q4-24 (Q3-24: +5.17% y/y). According to NBS, crude oil production averaged 1.54mb/d in Q4-24, 4.8% y/y higher than in Q3-24 (1.47mb/d). As a result, the oil sector contributed 4.60% to the total GDP (Q3-24: 5.57%) during the review period.
At the same time, the non-oil sector expanded by 3.96% y/y in Q4-24 (Q3-24: +3.37% y/y). Thus, the non-oil sector contributed 95.40% to the total GDP (vs 94.43% in Q3-24).
From a sectoral perspective, Agriculture GDP grew by 1.76% y/y (Q3-24: +1.14% y/y), Services GDP expanded by 5.37% y/y (Q3-24: +5.19% y/y), while Industries GDP grew by 2.00% y/y (Q3-24: +2.18% y/y).
In terms of contribution, Services, Agriculture, and Industries, respectively, accounted for 57.38%, 25.59%, and 17.03% of the overall GDP.
