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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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Fubara: Nigeria Needs God-fearing Leaders To Make Progress …Applauds Seventh Day Adventist
Governor of Rivers State, Sir Siminalayi Fubara, says Nigeria needs God-fearing leaders for the nation to move in the right direction and make meaningful progress.
The Governor stated this yesterday when he received in audience, the World President of the Seventh Day Adventist Church, Pastor Erton Kohler; his wife, Andriene Marques Kohler; daughter Mariana Marques Kohler and a retinue of ministers of the church at Government House, Port Harcourt.
Fubara who hailed the Seventh Day Adventist Church for its contributions to education and the grooming of future leaders in Nigeria, expressed delight that the Church had over the years, been investing in education at various levels and currently runs two universities in the country.
He commended the church for not only using its institutions to spread the gospel of Christianity but to groom future leaders for the country.
According to him, religion should not be just about defending one’s faith, but also making meaningful impact on the lives of the people.
He said that by floating these educational institutions, the church has demonstrated capacity to support Nigeria in the task of producing not only educated people but a breed of God-fearing leaders.
“Our country is where it is today because we lack the fear of God. If you have the fear of God, there should be a limit to what you can do because you understand the supremacy of God. But when God is not in your equation, you’ll go beyond the line and that is what has brought us to where we are today.
“So, I feel very happy that you are contributing to the development of our future leaders in this country. We need the right people being in the right place; prepared properly with good minds; that is what we need, not just in Nigeria but round the whole world.,” he said.
Governor Fubara further observed that the absence of God-fearing people in high places to take the right decisions that could impact positively on the society, has also given rise to other problems such as social inequality, poverty, corruption and criminality. According to him, Nigeria needs a system where the average parent could afford quality education for their children and a guarantee that upon graduation, the average child will have the capacity to compete favourably with anybody, anywhere in the world.
“If we have a situation where the little money that you’re being paid as wage can also afford you quality healthcare and after working at least for 15-20 years, you have a roof over your head, tell me why you should be involved in any kind of crime? At that point, you’ll feel secured and this attitude of insecurity about the future that leads to all the social vices we have today won’t be there,” he said.
Governor Fubara expressed appreciation to the delegation for the visit and for their prayers for Rivers State, assuring them of his continued support for their programmes in the state.
Leader of the delegation and World President of the Seventh Day Adventist Church, Pastor Erton Kohler said he was in Nigeria for a special conference of the church during which thousands of the church’s ministers will be undergoing an empowerment programme to further equip them for the task of herding their flocks and serving the society.
He expressed gratitude to the Governor for the warm reception accorded his entourage, saying the memory of the visit will linger in his mind for a lifetime.
Kohler disclosed that the Church has over twenty -four million (24,000,000) members and more than 182,000 places of worship, spread across 212 countries of the world.
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Rivers Assembly Approves Fubara’s 2026–2028 MTEF
The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.
This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.
The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.
Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.
Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.
He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.
The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.
During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.
The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.
Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.
Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.
The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.
According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.
Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.
The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.
King Onunwor
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JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.
In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.
The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.
According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”
Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.
“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.
Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.
“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.
Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.
He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.
The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.
“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.
Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.
“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.
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