Nigeria's economy has shown signs of growth, with the country's Gross Domestic Product (GDP) increasing by 3.84% in real terms in the fourth quarter of 2024, according to the latest report by the National Bureau of Statistics. This growth rate is higher than the 3.46% recorded in the same quarter of 2023 and the third quarter of 2024.

The service sector emerged as the largest contributor to the country's GDP, recording a growth of 5.37% and contributing 57.38% to the aggregate GDP. This sector's performance was followed by the agriculture sector, which grew by 1.76%, and the industry sector, which saw a growth of 2.00%.

In terms of specific sectors, the top 10 contributors to Nigeria's GDP growth in Q4 2024 were coal mining, crude petroleum and natural gas, rail transport and pipelines, financial institutions, air transport, insurance, post and courier services, public administration, professional scientific and technical services, and administrative support and services. Coal mining recorded the highest growth rate of 122.13%, while administrative support and services saw a growth rate of 44.46%.

Despite the growth in the service sector, Nigeria's oil production, the country's chief export, saw a decline in the fourth quarter of 2024. The average daily production stood at 1.54 million barrels per day, which is 0.03 million barrels per day less than the 1.56 million barrels per day recorded in the same quarter of 2023.

The National Bureau of Statistics' report also noted that the annual GDP growth in 2024 stood at 3.40%, an increase from 2.74% in 2023. This growth is a positive sign for the Nigerian economy, which has been working to diversify its revenue streams and reduce its dependence on oil exports.

The growth in the service sector is particularly noteworthy, as it indicates a shift towards a more diversified economy. The sector's contribution to the aggregate GDP has increased compared to the corresponding quarter of 2023, suggesting that Nigeria is making progress towards becoming a more service-based economy.

Overall, the latest GDP report suggests that Nigeria's economy is on the path to recovery, driven by the growth in the service sector. As the country continues to work towards diversifying its economy, it will be important to monitor the performance of various sectors and identify areas for further growth and development.