Nigeria's real Gross Domestic Product (GDP) has grown by 3.84% (year-on-year) in the fourth quarter of 2024, according to the National Bureau of Statistics' latest report. While this growth rate is higher than the 3.46% recorded in the fourth quarter of 2023, a closer look at the sector-wise performance reveals some surprising trends.

The services sector, which grew by 5.37% and contributed 57.38% to the total GDP, was the most significant of the non-oil sectors that helped the nation's GDP rise during the review period. The agriculture sector, on the other hand, expanded by 1.76%, a decline from 2.10% in the fourth quarter of 2023. The industry sector's growth was 2.00%, down from 3.86% in the fourth quarter of 2023.

However, not all sectors contributed significantly to this growth. According to the report, the top 10 sectors with the lowest GDP growth rate at current prices (Nominal GDP Growth) include Pulp, Paper and Paper Products, Textile, Apparel and Footwear, Fishing, Livestock, Non-Metallic Products, Electricity, Gas, Steam and Air Conditioning Supply, Electrical and Electronics, Food, Beverage and Tobacco, Plastic and Rubber products, and Wood and Wood Products. These sectors experienced growth rates ranging from 0.13% to 2.85%.

The Pulp, Paper and Paper Products sector recorded the lowest growth rate, at 0.13%. This is a concerning trend, given the importance of this sector to Nigeria's manufacturing industry. The Textile, Apparel and Footwear sector, which has been a significant contributor to Nigeria's GDP in the past, also experienced a relatively low growth rate of 0.95%.

The report also highlights that the amount of oil produced in Q4 2024 was 1.54 million barrels per day (mbpd), 0.03 mbpd less than the daily average output of 1.56 mbpd in Q3 2023 but 0.06 mbpd greater than the 1.47 mbpd production volume in the same quarter in the previous year.

The annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023. While this growth is a positive sign for Nigeria's economy, the sector-wise performance highlights the need for policymakers to focus on revitalizing struggling industries and promoting diversification.

As Nigeria continues to navigate its economic challenges, the performance of these sectors will be crucial in determining the country's overall growth trajectory. The government's ability to address the challenges facing these sectors will be key to unlocking Nigeria's full economic potential.

In conclusion, Nigeria's latest GDP report presents a mixed bag of results. While the overall growth rate is a positive sign, the sector-wise performance highlights the need for policymakers to focus on revitalizing struggling industries and promoting diversification. As the country looks to the future, it will be essential to address the challenges facing these sectors to unlock Nigeria's full economic potential.