Services, petrol refining sectors propel GDP growth to 3.84% - Expert says

Experts last night expressed optimism about the economy with the 3.84 per cent year-on-year Gross Domestic Product (GDP) growth.

The government also renewed its commitment to faithfully implementing its economic policies which it credited for this development.

Yesterday, the National Bureau of Statistics (NBS) released the 2024 fourth quarter GDP outcome – 3.84 per cent, compared to the 3.46 per cent of Q4 2023.

Services and petrol refining sectors were the key drivers of the growth, according to the report.

Statistician-General of the Federation, Prince Adeyemi Adeniran, said the growth was 0.38 per cent points higher than the 3.46 per cent of Q4 2023.

Adeniran said: “The Gross Domestic Product (GDP) growth rate in real terms (Constant price) grew by 3.84 per cent in the fourth quarter (Q4) of 2024 on a year-on-year basis, which is 0.38 per cent points higher than the rate recorded in Q4 2023 (3.46 per cent).

“The annual contributions of the economic sector showed that agriculture contributed 24.64 per cent in 2024, which is lower compared to its contributions which stood at 25.18 per cent in 2023.

“Similarly, the industry sector’s annual contribution was 18.47 per cent, which is also lower than the figure recorded for 2023 (18.65%). 

“However, the services sector contributions for 2024 were 56.89 per cent, which exceeded the 56.18 per cent recorded for 2023.

“The oil GDP grew by 1.48 per cent in Q4 2024, which showed a decline compared to 12.11 per cent recorded in Q4 2023, and the previous quarter of Q3 2024 which stood at 5.17 per cent.

“The oil sector accounted for 4.60 per cent during the quarter under review.

“The annual oil GDP for 2024 grew by 5.54 per cent, which is 7.75 per cent higher than the annual GDP recorded for 2023 (-2.22 per cent). while the annual contribution of oil stood at 5.51 per cent in 2024 higher than its contribution in Q4 2023 (5.40 per cent).