Nigeria’s Gross Domestic Product grew by 3.84 per cent in real terms in the fourth quarter of 2024, reflecting an improvement from the 3.46 per cent recorded in the same period of 2023.

This also marked a slight increase from the previous quarter, which recorded an identical 3.46 per cent growth rate.

The National Bureau of Statistics (NBS) stated this in its latest GDP data released yesterday.

The Bureau attributed the expansion to stronger performance in the services sector, which recorded a 5.37 per cent growth rate and accounted for 57.38 per cent of the country’s total GDP.

The report read, “Nigeria’s Gross Domestic Product grew by 3.84 per cent (year-on-year) in real terms in the fourth quarter of 2024.

“This growth rate is higher than the 3.46 per cent recorded in the fourth quarter of 2023 and the third quarter of 2024 growth rate (approximately 3.46 per cent).

“The performance of the GDP in the fourth quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.37 per cent and contributed 57.38 per cent to the aggregate GDP.”

The Tide further gathered that the figures released for the GDP are not based on the rebased methodology.

Despite the overall economic growth, the agriculture sector recorded a slower expansion of 1.76 per cent, down from 2.10 per cent in the corresponding quarter of 2023.

The industry sector also experienced a downturn, growing by 2.00 per cent, lower than the 3.86 per cent posted in the previous year.

In nominal terms, aggregate GDP for the fourth quarter of 2024 stood at N78.37tn, marking an 18.91 per cent increase from N65.91tn recorded in the same quarter of 2023.

For the full year 2024, Nigeria’s economy grew by 3.40 per cent, an improvement from the 2.74 per cent recorded in 2023, driven mainly by the non-oil sector.

The oil sector’s contribution to GDP declined slightly, accounting for 4.60 per cent in the fourth quarter of 2024, compared to 4.70 per cent in the same period of 2023 and 5.57 per cent in the previous quarter.

Nigeria’s average daily crude oil production stood at 1.54 million barrels per day, a slight drop from 1.56mbpd recorded in the fourth quarter of 2023 but an improvement from 1.47mbpd in the third quarter of 2024.

The sector recorded a real GDP growth rate of 1.48 per cent, significantly lower than the 12.11 per cent recorded in Q4 2023 and the 5.17 per cent posted in Q3 2024.

However, on an annual basis, the oil sector reported a positive growth rate of 5.54 per cent, contrasting with the -2.22 per cent contraction recorded in 2023.

The non-oil sector, which continues to be the major driver of economic growth, expanded by 3.96 per cent in Q4 2024, outperforming the 3.07 per cent recorded in the same quarter of 2023 and the 3.37 per cent growth seen in the previous quarter.

The non-oil sector contributed 95.40 per cent to GDP, slightly above the 95.30 per cent reported in Q4 2023.

Key industries responsible for this growth include financial and insurance services, information and communication (notably telecommunications), agriculture (particularly crop production), trade, transportation and storage (especially road transport), and manufacturing.

The mining and quarrying sector, which includes crude petroleum, natural gas, and solid minerals, recorded a real GDP growth of 2.23 per cent, significantly lower than the 8.04 per cent recorded in Q4 2023.

Its contribution to GDP stood at 4.84 per cent, slightly down from 4.91 per cent in the same quarter of the previous year.

The agriculture sector, which remains critical for food security and employment, saw its real GDP growth slow to 1.76 per cent, compared to 2.10 per cent in Q4 2023.

Crop production remained dominant, accounting for 90.70 per cent of the sector’s contribution to GDP.

The manufacturing sector recorded a real GDP growth rate of 1.79 per cent in Q4 2024, up from 1.38 per cent in the previous quarter.

However, its share of GDP fell to 8.07 per cent, from 8.23 per cent in the corresponding quarter of 2023.

The construction sector grew by 2.95 per cent, slightly lower than the 3.70 per cent recorded in Q4 2023, contributing 3.44 per cent to GDP, compared to 3.47 per cent in the previous year.

The trade sector recorded a real GDP growth of 1.19 per cent, down from 1.40 per cent in Q4 2023 but an improvement from the 0.65 per cent posted in Q3 2024.

Trade accounted for 15.11 per cent of total economic output in the quarter.

The financial and insurance sector was a standout performer, recording a real GDP growth rate of 27.78 per cent in Q4 2024, slightly lower than the 29.77 per cent seen in the preceding quarter.

Its contribution to GDP increased to 6.10 per cent, from 4.95 per cent in Q4 2023.

The information and communication sector, largely driven by telecommunications, maintained its strong performance with real GDP growth of 5.90 per cent, slightly below the 6.32 per cent recorded in Q4 2023.

The sector accounted for 17.00 per cent of total GDP, up from 16.66 per cent in the previous year.

The transportation and storage sector saw a major turnaround, growing by 18.61 per cent in Q4 2024, in contrast to the -29.00 per cent contraction recorded in Q4 2023. Its share of GDP stood at 1.26 per cent.

Meanwhile, the electricity, gas, steam, and air conditioning supply sector contracted by -5.04 per cent in real terms, a sharp decline from the 6.17 per cent growth recorded in Q4 2023. The sector’s contribution to GDP remained at a modest 0.49 per cent.

Rivers State Governor, Sir Siminalayi Fubara, has explained that in the heat of political crisis staged against his administration in 2023, he committed to improving the welfare of Rivers workers in order to have a well-motivated workforce to achieve the goals of the Rivers First mantra.
The Governor stated that the resultant industrial harmony has now become unprecedented as workers feel more valued, supported, and resolved to be more productive on an increased efficiency and profitability scale.
Governor Fubara gave the explanation while inaugurating the one-storey twin-building Labour House constructed by the administration of Governor Douye Diri, in Yanagoa City, the Bayelsa State capital, yesterday.
The Governor recalled that while en-route Abuja for a reconciliatory political meeting to find solutions to the 2023 political crisis, his mind kept drifting to what could be done to give hope and cushion the hardship faced by Rivers workers.
Governor Fubara said he made the decision, therefore, to pay Christmas bonus of N100,000 to every worker, across grade levels in December, 2023, and extended the gesture to retirees in 2024.
The Governor stated: “On the 18th of December, the year of Our Lord 2023, I was on my way to Abuja for a reconciliatory meeting, and I was thinking: what will I do for my people – my primary constituency, who are the civil servants?
“We all know that the salary is not enough during the Christmas period. I knew we had a lot of challenges at that time, and it would be difficult for me to do the 13th month.
“But, however, even if I had to do the 13th month, it would also be a cheating to the lower level workers because some of them would have less than N100,000. So, I decided that I was going to do a bonus of N100,000 to all workers. That was my meeting with the Accountant-General while I was on my way to Abuja.”
Governor Fubara said: “After the meeting, I was weakened in my spirit. But on my way back, I said no matter the sadness, I still need to make my people happy.
“And even in the face of that most difficult time of our administration, we made all the civil servants very happy by giving everybody N100, 000 for Christmas that year.”
Governor Fubara pointed to the letter of appreciation written to him by the leaderships of Nigeria Labour Congress (NLC), and the Trade Union Congress (TUC) due principally to the fact that the gesture was extended to all pensioners in 2024, while also seeking to give him an award of recognition.
The Governor stated that what had been done has contributed to the industrial harmony enjoyed in Rivers State, as according to him, every labour issue has also ended on the dialogue table.
Governor Fubara said: “It is not because we are meeting all their needs, but because we are putting human face to governance. We are not running it like Nebuchadnezzar’s time.
“We are not running it like the Babylonians. We are running it with the Jesus style where love takes the lead over everything. Where love is what should be in front and behind.”
Governor Fubara noted that what the Bayelsa State Government has done shows there is good relationship existing between labour and the administration of Senator Diri.
The Rivers State Governor advised the organised labour in Bayelsa State to consider the gesture, not as a right but a privilege so that they can embrace it wholeheartedly, defend, cherish, and protect it, and ensure that nobody comes between them and the government to cause friction.
Governor Fubara also expressed sadness over the demise of Chief Edwin Clark, a leader, he noted, will be remembered for his positive impact on many aspects of national and régional issues.
He said, “We are here, we just observed a minute silence for the death of our hero, Pa Edwin Clark. What is he remembered for? For his courage, truthfulness, doggedness, and the survival of this region.”
Governor Fubara told Senator Diri: “I want you to continue to stand for same thing, and I can see that you are standing for what is right. That is what history will remember you for.
“History will not remember anyone for any destructive thing, don’t deceive yourself. Money and material things cannot be taken for a good name. So, please continue to do what is right. History and the good people of Bayelsa will forever remember you.”
Governor Fubara assured that his administration will promote a robust relationship between Rivers and Bayelsa, unlike what it was 15 years ago, which is why all legal battles hitherto instituted in court have been withdrawn and would be settled out of court.
He added, “That is the first thing to show our commitment that we are in a mutual relationship and ready to make progress. You said it here, Rivers cannot develop without Bayelsa. Bayelsa also cannot make progress without Rivers. That is the truth.”
In his speech, Bayelsa State Governor, Senator Douye Diri, said the project was started by the administration of his predecessor, Senator Seriake Dickson, but quickly added that he has completed it to provide the organised labour in the State a place to conduct their activities, while using it as a platform to voice their concerns, access support services, and engage in constructive dialogue with his administration.
Senator Diri, who commended Governor Fubara for his exemplary labour-friendly policies that have promoted workers’ welfare and industrial harmony, said his administration has so far paid N20billion to servicing pensions and gratuities, hoping to upset all outstanding indebtedness by the end of his second tenure.
In his remarks, Bayelsa State Commissioner for Labour, Employment and Productivity, Mr Odoko Saturday Omiloli, said the magnificent Labour House is a testament of the commitment of the Prosperity Administration of Sen. Diri to promote the welfare and well-being of workers in the state.
In their joint address, both Trade Union Congress (TUC) and Nigeria Labour Congress leaders thanked Governor Diri for building a befitting edifice for them, and pledged to sustain support to his administration.

President Bola Tinubu has expressed sadness over the passing of former Federal Commissioner for Information and respected leader of the Pan-Niger Delta Forum, Chief Edwin Clark.

Tinubu’s condolence message was contained in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, yesterday.

Tinubu said, “He led an illustrious life marked by dedicated service, at different times, to the nation and his community as a councillor, state and federal cabinet member.

“He was also a passionate advocate for resource control, economic and environmental justice in the Niger Delta.”

The statement reads: “On behalf of the federal government, the President extends his condolences to the Edwin Clark family, the Ijaw nation, the people of the Niger Delta, and the government of Delta State. President Tinubu mourns Chief Clark and describes his passing as a deeply sobering loss.

“Reflecting on the life of the late statesman, the President says Chief Clark was a towering figure whose influence was felt across Nigeria’s political firmament for nearly six decades. The President states that Chief Clark was a courageous leader who stood for what he believed in and was never afraid to stand alone in the face of injustice.

“Chief Clark spoke for the Niger Delta. He spoke for the nation. His views and interventions on national issues were distinct and patriotic. Pa Clark, a lawyer and educationist, believed in a united Nigeria, and until his last breath, he never stopped reaching out to people from different parts of the country to work together to preserve national unity based on justice and equity.

“As an astute politician, his political opponents never doubted the weight of his words, his confidence, and his conviction when he spoke. Indeed, a patriot has transitioned to the great beyond. History will remember him as a man who fought gallantly for the rights of the people of the Niger Delta, unity in diversity, and true federalism. I know many generations will remain proud of how his efforts contributed to national prosperity and stability.”

Tinubu prayed for divine comfort for Chief Clark’s family, friends, and all those affected by this significant loss.

Clark died on Monday at the age of 97.

His demise was announced by a representative of the family, Prof. C. C. Clark, in a statement Tuesday.

The statement read, “The Clark-Fuludu Bekederemo family of Kiagbodo Town, Delta State, wishes to announce the passing of Chief (Dr.) Sen. Edwin Kiagbodo Clark OFR, CON on Monday, 17th February 2025.

“The family appreciates your prayers at this time. Other details will be announced later by the family.”

Clark’s death is coming on the heels of the passing of Afenifere leader, Pa Ayo Adebanjo, who died at the age of 96 just a few days ago.

Both Clark and Adebanjo are known for contributing to the political development of the country.

Meanwhile, former President Muhammadu Buhari has also mourned Clark, describing him as an iconic statesman.

Buhari, in a condolence statement yesterday, said he death of Clark had caused deep sorrow in his heart and that of many in the country.

The statement read in part: “Late Chief Edwin Clark was a leader dedicated to reforms whose commitment to the development of his community and the nation would always be remembered. His death caused deep sorrow in his heart, and that of many, and his departure was a loss for the nation.

He is an iconic statesman”.

The former president maintained that the late Ijaw leader had left an indelible imprint on the nation and that in his passing, Nigeria had lost an iconic statesman and a distinguished leader.

He added that his commitment to the country’s unity would be respected by generations to come.

Buhari further urged the Clark family and fellow citizens in the Delta region of the country to uphold his numerous achievements.

Also, former Senate President, Bukola Saraki, has described the late PANDEF leader as a man of great conviction.

In a brief message posted via his verified X handle, yesterday, Saraki praised the elder statesman’s unwavering conviction, stating that Clark stood firm in his beliefs until the very end.

“Chief Edwin Kiagbodo Clark was a man of great conviction who stood firm for what he believed in—right to the very end,” Saraki wrote.

He added that Clark’s passionate advocacy for justice and equity would be deeply missed by Nigeria, the Ijaw nation, and the Niger Delta, for whom he was a tireless advocate.

“His death marks the end of an era—an era of principled leadership. He was one of the movers and shakers of the Second Republic Senate, in which my father served as the Leader of the Senate.

“On behalf of my family, I extend our heartfelt condolences to the Clark family, the entire Ijaw community, the people of the Niger Delta, and all Nigerians who mourn the loss of this extraordinary leader,” the former Senate President stated.

A towering figure in Nigerian politics and a relentless advocate for the rights of the Niger Delta, Clark was a lawyer, administrator, nationalist, and freedom fighter.

He served as Commissioner for Education in the Mid-Western Region from 1968 to 1971, and later as Commissioner for Finance and Establishment in the defunct Bendel State between 1972 and 1975.

At the federal level, he was appointed Commissioner for Information in 1975 and subsequently became a Senator from 1979 to 1983.

Beyond his political career, Clark was a leading voice for regional and national unity. He was also known for mediating peace among warring communities and politicians in the Niger Delta region.