- The services sector played a pivotal role in driving this growth, as it expanded by 5.37% and contributed 57.38% to the aggregate GDP.
- Key sectors within the services industry, such as financial and insurance institutions, as well as information and communication services, significantly bolstered the overall performance.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has commended the recent Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS).
Eko Hot Blog reports that the data shows that Nigeria’s economy experienced its fastest growth in three years, with a 3.84% year-on-year expansion in the fourth quarter of 2024, up from 3.46% in the previous quarter.
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The annual growth reached 3.4% in 2024, compared to 2.7% in 2023.
The services sector played a pivotal role in driving this growth, as it expanded by 5.37% and contributed 57.38% to the aggregate GDP.
Key sectors within the services industry, such as financial and insurance institutions, as well as information and communication services, significantly bolstered the overall performance.
Commenting on the development in a statement issued on Tuesday, Edun said: “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.”
The Minister emphasised that “the expansion of the services sector and our ongoing efforts to strengthen food security through agricultural investments are yielding positive results.
“Efforts to ensure that economic growth translates into improved livelihoods for all Nigerians continue through initiatives such as the direct benefit transfers scheme.
As Nigeria continues on its path of economic growth and development, the Federal Government remains committed to implementing policies and initiatives that promote sustainable and inclusive growth, ultimately improving the lives of all Nigerians.
