By Jemimah Wellington, JKNewsMedia Reporter
NIGERIA’s ECONOMY recorded its fastest expansion in three years, with the services sector playing a dominant role in driving growth.
The Gross Domestic Product (GDP) grew by 3.84% year-on-year in the fourth quarter of 2024, up from 3.46% in the preceding quarter, according to new data from the National Bureau of Statistics (NBS).
This performance pushed the annual growth rate to 3.4% in 2024, compared to 2.7% in 2023.
The services sector also expanded by 5.37% and contributed 57.38% to the total GDP, reinforcing its position as the backbone of Nigeria’s economic progress.
Financial and insurance services, alongside the information and communication industry, were the main drivers of this robust growth.
All these positive momentums reflect increased investments and improved performance in these key sectors.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed the latest economic data, describing it as a testament to the resilience of the Nigerian economy.
He linked the sustained expansion to President Bola Tinubu’s Renewed Hope Agenda, which focuses on economic reforms and strategic investments.
Edun stated that strengthening the services sector and enhancing food security through agricultural investment are yielding tangible results.
He also pointed to government-led initiatives like the direct benefit transfers scheme as efforts to ensure that economic growth translates into better living conditions for Nigerians.
Edun added that the FG has reiterated its commitment to policies promoting sustainable and inclusive economic growth given the importance of reinforcing the stability of key industries while ensuring economic benefits reach all citizens.
