Nigeria Records 3.84% GDP Growth in Q4 2024

Nigeria Records 3.84% GDP Growth in Q4 2024

JOEL OLADELE, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has applauded the latest Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS), showing Nigeria’s economy grew at its fastest pace in three years.

According to the NBS report, GDP expanded by 3.84% year-on-year in the fourth quarter of 2024, up from 3.46% in the previous quarter. Annual growth reached 3.4% in 2024, compared to 2.7% in 2023.

The services sector played a significant role in driving this growth.

Commenting on the development, Edun stated: “We are pleased to see the continued growth momentum, both from a quarterly and annual standpoint. It is a true testament to the resilience of the Nigerian economy and the success of President Bola Tinubu’s Renewed Hope Agenda.”

The Minister emphasised that “The expansion of the services sector and our ongoing efforts to strengthen food security through agricultural investments are yielding positive results. Efforts to ensure that economic growth translates into improved livelihoods for all Nigerians continue through initiatives such as the direct benefit transfers scheme.”

As Nigeria continues on its path of economic growth and development, the Federal Government remains committed to implementing policies and initiatives that promote sustainable and inclusive growth, ultimately improving the lives of all Nigerians.