Business

NIGERIA’s economy wrapped up 2024 on a strong note, with GDP growing 3.84% in Q4’24 according to the National Bureau of Statistics. Although the nation grappled with the gap between macroeconomic indicators and the lived realities of its citizens, the challenges of soaring inflation, currency depreciation, and high borrowing costs revealed the stark disconnect between statistical growth and the average Nigerian’s quality of life. In Q4’24, the services sector, which powered ahead with 5.37% growth, accounted for 57.38% of total GDP. It’s clear that Nigeria’s economy is leaning more on services, while other sectors struggle to keep pace.  Non-oil growth picked up speed at 3.96%, showing that the economy isn’t entirely dependent on crude. Speaking of oil, the sector lost momentum, slowing to 1.48% from 5.17% in Q3—likely a mix of production hiccups and price fluctuations.  Amid these developments, Nigeria’s plan to rebase its GDP in 2025, which is set to provide a more accurate reflection of economic performance.

Source: NBS | Comercio Partners

A.I

Feb. 26, 2025

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