The National Bureau of Statistics (NBS) on Tuesday announced that Nigeria’s Gross Domestic Product (GDP) grew by 3.84 per cent in real terms in the fourth quarter of 2024.

This is contained in a GDP data report released by NBS reflecting an improvement from the 3.46 percent recorded in the same period of 2023.

According to the report, this also marked a slight increase from the previous quarter, which recorded an identical 3.46 per cent growth rate.

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The latest GDP data released by NBS attributes the expansion to stronger performance in the services sector, which recorded a 5.37 per cent growth rate and accounted for 57.38 per cent of the country’s total GDP.

The report read, “Nigeria’s Gross Domestic Product grew by 3.84 per cent (year-on-year) in real terms in the fourth quarter of 2024.

This growth rate is higher than the 3.46 per cent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46 per cent).

“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 per cent and contributed 57.38 per cent to the aggregate GDP.”