Emmanuel OchayiNigeria’s economy recorded a 3.84% GDP growth in the fourth quarter of 2024, surpassing the 3.46% growth from Q4 2023. According to the National Bureau of Statistics (NBS), several sectors played a key role in this growth.
The services sector led the economy with 5.37% growth, contributing 57.38% to the total GDP. The agriculture sector grew by 1.76%, while the industry sector expanded by 2.00%, slightly lower than the 3.86% growth in the same quarter of 2023.
Join our WhatsApp ChannelHere are the top 10 sectors contributing to Nigeria’s latest GDP growth in Q4 2024.
1. Coal Mining – 122.13%
Coal mining saw the highest growth rate, expanding by 122.13%. Increased local and international demand for coal, coupled with government support for solid minerals, boosted the sector’s performance.
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2. Crude Petroleum and Natural Gas – 93.41%
Despite a slight drop in oil production to 1.54 million barrels per day (mbpd), the oil and gas sector remained a major contributor, growing by 93.41%. Higher crude oil prices and improved investments in gas infrastructure played a role.
3. Rail Transport & Pipelines – 87.84%
The rail transport and pipeline sector recorded an 87.84% growth, driven by improved rail services and increased pipeline transportation. Government investments in rail infrastructure contributed to this sector’s rise.
4. Financial Institutions – 83.07%
Financial institutions, including banks and fintech companies, grew by 83.07%. Increased digital banking services and improved financial inclusion helped expand the sector.
5. Air Transport – 69.83%
The air transport sector grew by 69.83%, boosted by increased passenger traffic and better airline operations. More local and international flights contributed to this growth.
6. Insurance – 66.65%
The insurance sector recorded 66.65% growth, driven by higher insurance penetration and increased demand for health, life, and business insurance products.
7. Post and Courier Services – 63.81%
The post and courier services sector expanded by 63.81%, supported by the rise in e-commerce and logistics services across the country. More businesses relied on courier services for product deliveries.
8. Public Administration – 45.68%
Public administration grew by 45.68%, reflecting increased government spending on services and salaries. The implementation of new policies also contributed to sector growth.
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9. Professional, Scientific, and Technical Services – 44.81%
The professional, scientific, and technical services sector saw 44.81% growth, driven by demand for consultancy, research, and technology-based services.
10. Administrative Support and Services – 44.46%
The administrative support and services sector grew by 44.46%, reflecting increased business activities and the demand for outsourcing services in Nigeria.
Nigeria’s GDP growth in Q4 2024 was supported by strong performances in coal mining, crude oil, rail transport, finance, air transport, and other key sectors. With continued investments and policy support, these sectors could drive further economic expansion in the coming years.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
