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

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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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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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