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Nigeria’s GDP Expanded By 3.84% In Q4 2024 -NBS

Nigeria’s Gross Domestic Product grew by 3.84 per cent in real terms in the fourth quarter of 2024, reflecting an improvement from the 3.46 per cent recorded in the same period of 2023.
This also marked a slight increase from the previous quarter, which recorded an identical 3.46 per cent growth rate.
The National Bureau of Statistics (NBS) stated this in its latest GDP data released yesterday.
The Bureau attributed 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.”
The Tide further gathered that the figures released for the GDP are not based on the rebased methodology.
Despite the overall economic growth, the agriculture sector recorded a slower expansion of 1.76 per cent, down from 2.10 per cent in the corresponding quarter of 2023.
The industry sector also experienced a downturn, growing by 2.00 per cent, lower than the 3.86 per cent posted in the previous year.
In nominal terms, aggregate GDP for the fourth quarter of 2024 stood at N78.37tn, marking an 18.91 per cent increase from N65.91tn recorded in the same quarter of 2023.
For the full year 2024, Nigeria’s economy grew by 3.40 per cent, an improvement from the 2.74 per cent recorded in 2023, driven mainly by the non-oil sector.
The oil sector’s contribution to GDP declined slightly, accounting for 4.60 per cent in the fourth quarter of 2024, compared to 4.70 per cent in the same period of 2023 and 5.57 per cent in the previous quarter.
Nigeria’s average daily crude oil production stood at 1.54 million barrels per day, a slight drop from 1.56mbpd recorded in the fourth quarter of 2023 but an improvement from 1.47mbpd in the third quarter of 2024.
The sector recorded a real GDP growth rate of 1.48 per cent, significantly lower than the 12.11 per cent recorded in Q4 2023 and the 5.17 per cent posted in Q3 2024.
However, on an annual basis, the oil sector reported a positive growth rate of 5.54 per cent, contrasting with the -2.22 per cent contraction recorded in 2023.
The non-oil sector, which continues to be the major driver of economic growth, expanded by 3.96 per cent in Q4 2024, outperforming the 3.07 per cent recorded in the same quarter of 2023 and the 3.37 per cent growth seen in the previous quarter.
The non-oil sector contributed 95.40 per cent to GDP, slightly above the 95.30 per cent reported in Q4 2023.
Key industries responsible for this growth include financial and insurance services, information and communication (notably telecommunications), agriculture (particularly crop production), trade, transportation and storage (especially road transport), and manufacturing.
The mining and quarrying sector, which includes crude petroleum, natural gas, and solid minerals, recorded a real GDP growth of 2.23 per cent, significantly lower than the 8.04 per cent recorded in Q4 2023.
Its contribution to GDP stood at 4.84 per cent, slightly down from 4.91 per cent in the same quarter of the previous year.
The agriculture sector, which remains critical for food security and employment, saw its real GDP growth slow to 1.76 per cent, compared to 2.10 per cent in Q4 2023.
Crop production remained dominant, accounting for 90.70 per cent of the sector’s contribution to GDP.
The manufacturing sector recorded a real GDP growth rate of 1.79 per cent in Q4 2024, up from 1.38 per cent in the previous quarter.
However, its share of GDP fell to 8.07 per cent, from 8.23 per cent in the corresponding quarter of 2023.
The construction sector grew by 2.95 per cent, slightly lower than the 3.70 per cent recorded in Q4 2023, contributing 3.44 per cent to GDP, compared to 3.47 per cent in the previous year.
The trade sector recorded a real GDP growth of 1.19 per cent, down from 1.40 per cent in Q4 2023 but an improvement from the 0.65 per cent posted in Q3 2024.
Trade accounted for 15.11 per cent of total economic output in the quarter.
The financial and insurance sector was a standout performer, recording a real GDP growth rate of 27.78 per cent in Q4 2024, slightly lower than the 29.77 per cent seen in the preceding quarter.
Its contribution to GDP increased to 6.10 per cent, from 4.95 per cent in Q4 2023.
The information and communication sector, largely driven by telecommunications, maintained its strong performance with real GDP growth of 5.90 per cent, slightly below the 6.32 per cent recorded in Q4 2023.
The sector accounted for 17.00 per cent of total GDP, up from 16.66 per cent in the previous year.
The transportation and storage sector saw a major turnaround, growing by 18.61 per cent in Q4 2024, in contrast to the -29.00 per cent contraction recorded in Q4 2023. Its share of GDP stood at 1.26 per cent.
Meanwhile, the electricity, gas, steam, and air conditioning supply sector contracted by -5.04 per cent in real terms, a sharp decline from the 6.17 per cent growth recorded in Q4 2023. The sector’s contribution to GDP remained at a modest 0.49 per cent.
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Nigeria Accounts For 70% Of 11m Illegal Arms In W/Africa

The National Center for the Control of Small Arms and Light Weapons (NCCSALW) says that Nigeria is accountable for 70 per cent of 11 million illegal arms and light weapons in West Africa,
Mr Alex Ebimiebo, the South South Zonal Director of the NCCSALW, made the remark at the Naval Warfare Course 9 Inter-Agency seminar, organised by the Naval War College in Calabar on Thursday.
Ebimiebo presented a paper themed, “Strengthening Security Agencies Collaboration to Counter Illicit Arms Proliferation for Enhanced National Security in Nigeria.”
He said that the illegal arms dealings were largely responsible for Nigeria’s 2.2 million Internally Displaced Persons (IDPs) and 26,000 refugees in neighboring countries.
Ebimiebo further said that arms proliferation had led to economic distortions, an increase in violence, crime, and impediment to peace building.
He, however, called for concerted effort from all Nigerians to tackle the menace, saying that NCCSALW would take the fight to the society since security is the responsibility of everyone.
“So, as a result, everybody is a stakeholder, so as such, we need to involve the whole society in this fight and the center has a lot of programmes for collaboration with our sister agencies.
”We also have advocacy and sensitisation programmes that we take to members of the general public from time to time,” he said.
Meanwhile, Rear Adm. Akinola Oludude, Commandant, Naval War College, expressed concern on the influx of illicit arms into Nigeria since 2020.
He attributed this to the extensive borderline of about 4,470 kilometers between Nigeria, the Republic of Benin, Niger, Chad, and Cameroon.
He also noted that the nation’s maritime domain that extended over 853 kilometers of coastline and of the Gulf of Guinea had also not helped.
The commandant said that the 2021 survey by the NCCSALW revealed that over six million illegal weapons were in circulation in the country.
Oludude said that out of the figure, about 70 per cent were in the hands of non-states actors.
”The impact of this illicit arms proliferation is profound and multifaceted.
”These weapons bred various forms of insecurity, including terrorism, banditry, kidnapping, communal clashes, and armed robbery.
“Inter-agency collaboration is needed to tackle the proliferation of illicit arms and weapons,” he said.
Oludude said that no single agency, no matter how well-resourced, no matter how well-dedicated, could effectively tackle the complex challenge alone.
He stated that the nature of the recent arms proliferation demanded a joint and multi-agency approach.
“Therefore, this seminar provides a vital platform for us to collectively examine the complexities of this complex challenge,” he said.
Also speaking, the Flag Officer Commanding (FOC), Eastern Naval Command, Rear Adm. Kennedy Ezete, urged the participants to translate the discussions and recommendations of the seminar into concrete actions.
He advised the participants to take the knowledge and insights gained to their respective agencies and organisations and implement them
According to him, “we must ensure that the suggestions and way forward developed here are implemented effectively and that the partnerships forged are sustained.
”This requires a commitment from all stakeholders, including the leadership of our security agencies and the wider community.
”Share your experiences, implement the strategies that have been suggested, and continue to work collaboratively to counter illicit arms proliferation.
“We must also continue to invest in training, technology, and intelligence gathering to enhance our capabilities.”
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NLC Threatens Strike, Issues Seven-Day Ultimatum

The Nigeria Labour Congress (NLC) yesterday issued a seven-day ultimatum to the Federal Government over its failure to constitute the governing board of the National Pension Commission.
The Labour Centre also accused the government of diverting workers’ funds through the Nigeria Social Insurance Trust Fund.
According to a communiqué signed by its President, Joe Ajaero, the Central Working Committee of the NLC met on Wednesday, August 13, 2025, to deliberate on urgent issues affecting Nigerian workers, the trade union movement, and the nation at large.
The meeting addressed the leadership crisis in the Edo State Council of the NLC, what it described as alarming developments in the NSITF, the governance vacuum in PENCOM, and the broader state of the nation.
The communiqué noted that the CWC expressed outrage at the ongoing assault on workers’ social protection rights through the Federal Government’s diversion of 40% of workers’ contributions to the national coffers as “revenue,” describing it as a flagrant violation of the statutes establishing the NSITF.
“Equally condemnable is the new administration’s false claim of ownership of the NLC National Headquarters, a property owned by Nigerian workers; the resort to cyber and media bullying of the trade unions and leadership, coupled with covert moves to amend the NSITF Act in a manner that would disenfranchise workers and give the government full control over the funds.
“The CWC warns that these actions represent a direct attack on workers’ rights, hard-earned resources, and the principle of tripartite governance enshrined in international labour standards.
“The Congress affirms that the NSITF belongs to the Nigerian working class and will mobilise all legitimate means to ensure workers’ interests are protected,” Ajaero said.
On the steps to be taken, the NLC president stated, “The NSITF must account for and return all diverted funds within seven working days from today.
“The PENCOM board must be properly constituted in full compliance with the law within seven working days from today.
“The Pension Commission must submit to the NLC a full status report of the funds within the same period.
“If at the end of these seven working days, nothing is done, the NLC will no longer guarantee industrial peace in the sector.”
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