Business

BREAKING: Nigeria’s GDP grows by 3.84% in Q4 2024, driven by services sector

Published

2 years ago

February 25, 2025

710 Views

The National Bureau of Statistics (NBS) has reported that Nigeria’s annual gross domestic product (GDP) grew by 3.84 per cent in the fourth quarter (Q4) of 2024, compared to 3.46 per cent in Q3 2024 and 3.46 per cent in Q4 2023.

According to the NBS report, the GDP growth was primarily driven by the services sector, which expanded by 5.37 per cent and contributed 57.38 per cent to the overall GDP.

“The agriculture sector grew by 1.76%, from the growth of 2.10% recorded in the fourth quarter of 2023,” the report stated.

In contrast, “The growth of the industry sector was 2.00%, a decline from 3.86% recorded in the fourth quarter of 2023.”

The services sector’s contribution to the aggregate GDP in Q4 2024 was higher compared to the same quarter in 2023.

Overall, the annual GDP growth for 2024 was 3.40%, up from 2.74% in 2023.

The NBS also reported that the nominal GDP reached N78.37 trillion in Q4 2024, compared to N65,908,258.59 million in Q4 2023, representing a year-on-year nominal growth of 18.91%.

Oil Production Drops, Non-Oil Sector Contributes Significantly

The NBS report indicated that Nigeria’s average oil production in Q4 2024 was 1.54 million barrels per day (mbpd).

This is “0.03million bpd lower” than the Q4 2023 production volume of 1.56mbpd and “0.06mbd higher than the daily average production of 1.47mbpd recorded in the third quarter of 2024”.

“The real growth of the oil sector was 1.48% (year-on-year) in Q4 2024, indicating a decrease of 10.64% points relative to the rate recorded in the corresponding quarter of 2023 (12.11%),” the report explained.

The oil sector contributed 4.60 per cent to Nigeria’s total real GDP in Q4 2024, down from 4.70 per cent in the same period in 2023 and 5.57 per cent in the previous quarter.

The non-oil sector grew by 3.96 per cent in real terms in Q4 2024, higher than the 3.07 per cent in Q4 2023 and 3.37 per cent in Q3 2024.

The growth was primarily driven by financial and insurance institutions, information and communication (telecommunications), agriculture (crop production), transportation and storage (road transport), trade, and manufacturing.

“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 NBS stated.

This report follows the NBS announcement on February 18th that Nigeria’s inflation rate decreased from 34.8 per cent in December 2024 to 24.48 per cent in January 2025.

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Oyedele Chairs G-24 Call for Fairer Global Financial System, Affordable Development Financing

The meeting concluded that domestic reform alone will not shield developing economies from external shocks — affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.

Published

15 hours ago

October 14, 2026

OCHEFA

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BANGKOK, Thailand — 14 October 2026

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings, leading calls for reform of the global financial architecture to deliver more affordable financing, fairer representation and faster sovereign debt resolution for developing economies.

IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing President Ajay Banga, joined other G-24 Governors in commending Oyedele’s leadership of discussions that addressed mounting financing pressures on emerging and developing economies amid geopolitical tension, volatile commodity prices, climate shocks and tighter global financial conditions.

Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing financing demand for artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries.

He called for progress on IMF quota and governance reform, stronger representation for developing countries at the World Bank, improved access to development finance, and more predictable, coordinated debt restructuring involving all creditors.

He also urged expanded climate financing, stronger international tax cooperation against avoidance and illicit flows, and a greater voice for developing countries in global decision-making, including the G-20.

In his closing remarks, Oyedele drew three lessons from the discussions: that resilience must be built before a crisis, through proactive policy preparation; that artificial intelligence must be adopted and regulated responsibly to support inclusive job-rich growth; and that international cooperation remains essential to managing shared risks such as energy insecurity, food price volatility, supply-chain disruption, debt vulnerability and climate change.

Georgieva described the global economy as resilient, with growth projected at about 3.1 percent through 2026, but cautioned that the figure masked a widening gap between economies benefiting from digital transformation, AI investment and critical-mineral supply chains, and those constrained by high energy costs, conflict or limited access to technology.

She warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, and urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and push for faster debt treatment under the G-20 Common Framework alongside further IMF quota reform.

Van Trotsenburg reported that the World Bank had mobilised about US$27.4 billion in crisis-related financing, with ten countries activating dedicated crisis-response instruments and nineteen others redirecting existing resources to urgent needs.

He flagged El Niño-related risks to food security and grain prices, and said the Bank remained focused on electricity access, healthcare, digital connectivity and job creation — in tourism, healthcare, food systems and manufacturing — alongside mobilising private capital and climate finance.

Member interventions reinforced the reform agenda: Brazil, China and Pakistan backed stronger Global South representation and Bretton Woods reform.

The Philippines called for deeper regional financial integration; Kenya urged building policy buffers and expanding local-currency financing; Egypt cited supply-chain disruption and capital outflows.

Lebanon and Syria raised the financing challenges facing conflict-affected economies.

Incoming G-24 Chair Pakistan pledged to keep development at the centre of the agenda.

Business

NAFDAC scolds fake manufacturers: “You are killing Nigerians in order to make money”

He warned that the circulation of counterfeit drinks posed a serious public health concern, urging suspected manufacturers to abandon the illegal trade.

Published

15 hours ago

October 14, 2026

OCHEFA

22 Views

“You are killing Nigerians in order to make money,which is not good.”

That’s the National Agency for Food and Drug Administration and Control (NAFDAC) scolding Nigerians caught in the act of counterfeiting drinks.

The occasion was at Zamfara Plaza, BBA Trade Fair Complex, along the Badagry Expressway, Ojo, Lagos State.

The Assistant Director of the Investigation and Enforcement Directorate of NAFDAC, Mr Kunle Ojo, who led the enforcement said the agency caught some of the suspects in the act and recovered drums, filters, packaging materials, a heating device and other equipment allegedly used in the illicit production process.

The suspects, identified as Okafor and John, were arrested during an enforcement operation in a two-storey building where equipment and materials allegedly used to repackage and produce counterfeit alcoholic and energy drinks where discovered.

The raid, according to NAFDAC, followed credible intelligence and surveillance on suspected counterfeiters operating within the Trade Fair International Market.

He warned that the circulation of counterfeit drinks posed a serious public health concern, urging suspected manufacturers to abandon the illegal trade.

Business

BREAKING: Shell to Exit Nigeria’s Domestic Gas Distribution Business

Published

1 day ago

October 13, 2026

Charles Flames

12 Views

Shell has agreed to sell its entire interest in the Shell Nigeria Gas Group, which runs a domestic natural gas distribution network, to Nigerian energy firm Vaaris Energy Limited.

The deal, announced on Tuesday, October 13, 2026, covers Shell Petroleum B.V.’s full stake in the business. Shell Nigeria Gas, established in 1998, operates about 170 kilometres of pipelines across Ogun, Abia and Rivers states and supplies more than 130 industrial and commercial customers. Financial terms were not disclosed. Completion remains subject to regulatory approvals and other conditions.

Shell said the business will continue operating as normal and serving customers until the transaction closes. The company does not participate in upstream production, LNG or international gas trading through this unit.

Elohor Aiboni, Shell’s Country Chair in Nigeria, said: “Shell Nigeria Gas has served industrial and commercial customers in Nigeria for more than 25 years, supported by the commitment and expertise of its people. We believe this agreement provides a much stronger platform for the business’ next chapter under new ownership. Shell continues to focus on strategic Deepwater and Integrated Gas positions in Nigeria.”

The sale forms part of Shell’s broader strategy under CEO Wael Sawan to simplify its portfolio and concentrate on higher-return assets. It follows the company’s completed exit from onshore oil production in Nigeria, when it sold the Shell Petroleum Development Company to the Renaissance consortium in 2025.

Vaaris Energy is a privately held Nigerian company with interests across the oil and gas value chain and an existing operational presence in the country.