GDP: The growth of Nigerian economy has reached 3 years, NBS lists 10 Top Taxpayer sectors

• The National Bureau of Statistics revealed that the GDP growth rate in Nigeria was improved in the fourth quarter of 2024
• The report shows that the nigerian economy has improved slightly compared to the previous quarter
• The performance of GDP in the fourth quarter of 2024 was mainly determined by the service sector

Legit.ng Dave Ibemere journalist has over a decade of business journalism experience with in -depth knowledge about Nigerian economyGeneral stocks and trends of the market.

National Bureau of Statistics revealed that Nigeria registered a real increase in GDP of 3.84% in real terms (from year to year) in the fourth quarter of 2024.

The latest figure is an increase from the increase of 3.46 %% registered during the corresponding period of 2023.

NBS said This in his latest quarterly report of gross domestic products (GDP) published on Tuesday, February 25, 2024.

Part of NBS Reads:

“The gross domestic product of Nigeria (GDP) increased by 3.84% (from year to year) in real terms in the fourth quarter of 2024. This growth rate is higher than the 3.46% registered in the fourth quarter of 2023 and the third quarter of the growth rate 2024 (about 3.46%).

“The performance of GDP in the fourth quarter of 2024 was mainly determined by the services sector, which registered an increase of 5.37% and contributed by 57.38% to the Aggregate GDP.

“The agricultural sector increased by 1.76%, from the increase of 2.10% registered in the fourth quarter of 2023. The increase of the industry sector was 2.00%, a decrease from 3.86% registered in the fourth quarter from 2023.

“As for the share of GDP, the services sector contributed more to the aggregate GDP in the fourth quarter of 2024, compared to the corresponding quarter of 2023. In general, the annual growth of the GDP was 3.40 %, an increase from 2.74% in 2023.

NBS also revealed that, in real terms, the nigerian economy is evaluated at N22.61 trillion, while in nominal terms is 78.37 trillion from the fourth quarter of 2024.

He continued to mention that the annual growth of the GDP of 3.40% is the highest in three years.

The breakdown of oil and non-sector sector

The oil sector The real growth of the oil sector was 1.48% (from year to year) in the fourth quarter 2024, indicating a decrease of 10.64% points in relation to the rate registered in the corresponding quarter of 2023 (12 , 11%).

While the non-Petrol sector increased by 3.96% in real terms during the reference quarter (Q4 2024).

This rate was higher by 0.89 percentage points, compared to the 3.07% registered in the same quarter of 2023 and also higher than the 3.37% registered in the third quarter of 2024.

Top 10 activities that contribute to real GDP in Q4 2024 (%)

• Trade – 23.42%
• Culture production – 15.11%
• Real estate – 14.40%
• Telecommunications and information services – 5.88%
• Financial institutions – 5.76%
• Gross oil and natural gas – 4.60%
• Food, drinks and tobacco – 4.08%
• Construction – 3.44%
• Professional, scientific and technical services – 3.21%
• Other Services – 3.08%

LCCI reacts to CPI Rebus report

Legit.ng Earlier reported that the Chamber of Commerce and Industry in Lagos (LCCI) advised The federal government to look beyond Rebuilt inflation digits.

The rooms, in his statement, reacted to the figures of rebel inflation, as contained in the IPC report from NBS.

The rooms also list what the government has to do to address the real inflationary pressures in the economy.

Source: legit.ng