Nigeria’s economy recorded its fastest growth in three years, with Gross Domestic Product (GDP) expanding by 3.84% year-on-year in Q4 2024, according to the latest report from the National Bureau of Statistics (NBS). This marks an increase from 3.46% in the previous quarter, while annual GDP growth for 2024 stood at 3.4%, up from 2.7% in 2023.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, welcomed the report, highlighting the resilience of Nigeria’s economy.
“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,” Edun stated.
Key Drivers of Economic Growth
The report attributes the economic expansion largely to the services sector, which played a pivotal role in driving growth. Additionally, government initiatives aimed at enhancing food security and boosting agricultural investments have contributed to positive economic performance.
Minister Edun reaffirmed the Federal Government’s commitment to ensuring economic growth translates into improved livelihoods for Nigerians, pointing to initiatives like the direct benefit transfers scheme as part of ongoing efforts.
Nigeria’s Economic Outlook
As the country moves forward, the government remains focused on implementing sustainable and inclusive economic policies, fostering investment, and enhancing productivity across key sectors. With continued policy support, Nigeria’s economy is on track for sustained growth and development in the coming years.