Nigeria GDP Grows at Fastest Pace in Three Years on Services Boom
TLDR
- Nigeria’s economy grew 3.84% in Q4 2024, its strongest pace in three years
- Growth was driven by a 5.37% expansion in the services sector
- Despite the improvement, growth remains below President Bola Tinubu’s 6% target
Nigeria’s economy grew 3.84% in Q4 2024, its strongest pace in three years, driven by a 5.37% expansion in the services sector, according to data from the National Bureau of Statistics.
This outpaced growth in Q3 (3.46%), Q2 (3.19%), and Q1 (2.98%), bringing full-year GDP growth to 3.40%, up from 2.74% in 2023.
Despite the improvement, growth remains below President Bola Tinubu’s 6% target. Nigeria plans to rebase its GDP data, reflecting structural changes in sectors like ICT, e-commerce, and the marine economy, last updated in 2014, when it overtook South Africa as Africa’s largest economy.
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Key Takeaways
Nigeria’s economic recovery continues, fueled by services, industrial expansion (2%), and agriculture (1.76%). However, oil production remained flat at 1.54 million barrels per day, limiting overall growth. The IMF projects 3.2% GDP growth in 2025, with structural reforms and improved data collection playing a key role in Nigeria’s economic outlook. However, currency devaluation and inflationary pressures remain key risks.
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