Nigeria's GDP experiences its fastest growth in three years thanks to a 5.37% expansion in the services sector.

The country's economy recorded a 3.84% increase in the fourth quarter of 2024, driven by the boom in services, a 2% expansion in the industrial sector, and a 1.76% growth in agriculture.

This growth in Nigeria's GDP surpassed that of the third quarter (3.46%), the second quarter (3.19%), and the first quarter (2.98%), bringing the total GDP growth for the year to 3.40%, compared to 2.74% in 2023. Despite this achievement, growth remains below the 6% target set by President Bola Tinubu.

Nigeria plans to revise its GDP data to better reflect structural changes in sectors such as information and communication technology, digital commerce, and the maritime economy. These sectors were last updated in 2014 when Nigeria surpassed South Africa as Africa’s largest economy.

The IMF forecasts a GDP growth of 3.2% in 2025 for Nigeria, where structural reforms and improved data collection could play a key role in the country’s economic outlook.

Article source: africanews