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.

The Joint Admissions and Matriculation Board, JAMB, says the registration period for the 2025 Unified Tertiary Matriculation Examination, UTME, which started on February 3, will end on March 8, 2025.

This was contained in a statement by the Board’s spokesman, Fabian Benjamin, on Tuesday in Abuja.

The Board ruled out an extension of the registration period, saying the deadline has been communicated in all advertisements and the official calendar for the 2025 UTME exercise.

This announcement came as JAMB disclosed that over 1.5 million candidates have successfully registered.

”We wish to inform all prospective candidates that there will be no extension of the registration period.

“This notice is particularly important given the recent decline in the number of candidates registering for the examination.

We urge all individuals who wish to participate to register promptly and avoid waiting until the last minute.

“Currently, over 1.5 million candidates have successfully registered, which aligns closely with the Board’s projections for the 2025 examination cycle.

It is essential to note that the Board’s calendar is fixed, with numerous subsequent programmes scheduled after registration, including examinations, results management, and admissions exercise.

“These timelines are coordinated with other agencies whose operations rely on the completion of our processes.

Therefore, extending the registration period would disrupt not only the Board’s plans but also those of our partners.

“In light of this, we strongly encourage candidates to complete their registration as soon as possible, adhering to the established timeline for the 2025 UTME,” the statement said.

The speakership crisis rocking the Lagos State House of Assembly might be resolved soon as the intervention of heavyweights in the All Progressives Congress may be leading to a headway.

The impeached Speaker, Mudashiru Obasa and the current Speaker, Mojisola Meranda, might be stepping aside for another lawmaker to lead the House.

The development follows the intervention of the APC bigwigs, notably former governors of Osun, Ogun and Lagos states, namely Chief Bisi Akande, Segun Osoba, and Akinwunmi Ambode, respectively, among others.

The high-powered APC delegation was directed by President Bola Tinubu to resolve the political tension at the Lagos Assembly, following the inability of the Governance Advisory Council to find a solution.

The crisis began at the House on January 13, 2025, when about 36 lawmakers removed Obasa as speaker and replaced him with Meranda, the then-deputy speaker.

Over 90 per cent of the lawmakers accused the impeached speaker of poor leadership style, perpetual lateness to legislative sections and plenary, high-handedness and disregard for colleague lawmakers and the executive, especially the governor, abuse of office and privileges, intimidation and oppression of members, misappropriation, among others.

Obasa, who was away in Atlanta, United States, when he was removed, had since faulted his removal and insisted he was still the speaker, even as his colleagues in the House remained adamant.

“My status in the house? I strongly believe I am still the speaker until the right thing has been done.

If you want to remove me, remove me the proper way and I will not contest it,” Obasa said while addressing newsmen on Saturday, January 25, 2025.

On Sunday, Osoba, Ambode, Governor Babajide Sanwo-Olu and all the GAC members met at the Governor’s Lodge in Marina over the crisis, to find a lasting solution.

It was gathered that the meeting lasted till around 7 pm. It was also learnt that the panel earlier met with the lawmakers.

A GAC member, Chief Muraina Taiwo, noted that one of the seven lawmakers from Lagos West was being considered by the party leaders as the new Speaker.

“The issue will die down soon. Between now and the middle of next week, everything will become clearer. The APC leaders, including Chief Bisi Akande and Chief Olusegun Osoba, came to mediate.

“They will go back to Abuja to brief our leader (Tinubu) how they feel about everything.

They are suggesting to Speaker Obasa that he should step down and the other woman (Meranda) to also step down and they will bring in another new person.

They are thinking of submitting a few names but all will land at the table of the leader.

“You know the House is working based on seniority, that is, if you’ve spent two years at the House, you’re qualified to hold a higher position than someone in first tenure.

So they will go back to Abuja with seven names of the seniors in the House and from Lagos West,” he said.

The GAC member added, “The seven of them are ranking members in Lagos West. They are the ones whose names will be submitted to President Tinubu.”

It was also gathered that party leaders considered it politically and ethically appropriate not to select a speaker from Lagos Central, as it is the same senatorial zone as Governor Sanwo-Olu.