the corresponding period in 2023.
Additionally, the sector’s contribution also dropped from the preceding quarter, where it accounted for 5.57 percent of real GDP.
‘NON-OIL SECTOR CONTRIBUTED 95.40% TO Q4 GDP RATE GROWTH’
The non-oil sector grew by 3.96 percent in real terms in Q4 2024.
NBS said the rate was higher by 0.89 percent points compared to the rate recorded in the same quarter of 2023 which was 3.07 percent and higher than the 3.37 percent recorded in the third quarter of 2024.
In the fourth quarter of 2024, the sector was mainly driven by financial and insurance institutions and information and communication (telecommunications).
The industries played a key role in supporting economic activity during the period.
Additionally, Agriculture (crop production), transportation and storage (road transport), trade, and manufacturing contributed to positive GDP growth.
“In real terms, the non-oil sector contributed 95.40% to the nation’s GDP in the fourth quarter of 2024, higher than the share recorded in the fourth quarter of 2023 which was 95.30% and higher than the third quarter of 2024 recorded as 94.43%,” the report added
“Moreover, on aggregate of 94.49% was contributed in 2024, lower than the 94.60% reported in 2023.”
On February 18, NBS said Nigeria’s inflation rate dropped from 34.8 percent in December 2024, to 24.48 percent in January 2025.