Economy
Nigeria’s economy experiencing growth as GDP grows 3.84% in Q4
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Nigeria’s strategy to reduce its dependence on oil is proving effective, with the non-oil sector contributing 95.40 percent to the gross domestic product (GDP) in real terms in the fourth quarter of 2024.
The oil sector, however, only accounted for a scant 4.60 percent during this period.
The National Bureau of Statistics (NBS) had previously communicated its plans to rebase the GDP but has since reverted to the traditional approach.
Although there was no explanation from the statistics house on why it failed to rebase the GDP, speculations are that it stepped back because of the backlash it received from the rebased CPI figures it released just last week.
Analysts say the inability to release rebased GDP figures is a significant concern, noting that rebased figures are essential for providing an accurate and up-to-date picture of the economy.
They say that without rebasing, the GDP figures may not accurately reflect the current structure and size of the Nigerian economy, particularly given the rapid changes in sectors like technology and services.
The reform measures introduced by the present administration brought with them intense hardship on the populace. With high inflation draining the purchasing power of the citizens, many businesses have either shut down or found their way out of the country, throwing many into the unemployment market.
According to the report released yesterday, the gross domestic product (GDP) in real terms grew by 3.84 per cent in the fourth quarter (Q4) of 2024 on a year-on-year basis, which is 0.38 percentage points higher than the rate recorded in Q4 2023, which was 3.46 per cent.
The report shows that the year 2024 ended with an overall annual GDP growth rate of 3.40 per cent. This is higher than the projections by agencies like the International Monetary Fund (IMF), which had earlier projected that the country’s GDP would grow by 3.2 per cent in 2024.
The NBS reports that the services sector remains the major driver of the economy, growing by 5.37 per cent and contributing 57.38 per cent to the aggregate GDP. On a quarter-on-quarter basis, the real GDP grew by 10.99 per cent in Q4 2024, reflecting a higher production level than in Q3 2024.
The estimated economic activity in real terms for Q4 2024 stood at ₦22,610,393.45 million, which is higher than the rates recorded in Q3 2024 and Q4 2023, which stood at ₦20,115,766.93 million and ₦21,773,263.25 million, respectively.
In nominal terms, aggregate GDP stood at ₦78,374,120.95 million in Q4 of 2024, indicating a year-on-year nominal growth rate of 18.91 per cent.
This is higher than the value of ₦65,908,258.59 million in Q4 2023 and ₦71,131,091.07 million in the preceding quarter.
The NBS reports that the economic performance of the non-oil sector in Q4 2024 is attributed to the growth recorded in some economic activities, including rail transport and pipelines, metal ores, financial institutions, road transport, quarrying and other minerals, and insurance.
An analysis of the report shows that the major contributing economic activities in real terms in the quarter under review are crop production (23.42 per cent), trade (15.11 per cent), telecommunication (14.40 per cent), real estate (5.88 per cent), financial institutions (5.76 per cent), and crude petroleum (4.60 per cent).
The agricultural sector grew by 1.76 per cent, while the industry grew by 2.00 per cent, showing a decline compared to the rate recorded in Q4 2023 at 2.10 per cent and 3.86 per cent.
The report shows that agriculture contributed 25.59 per cent, industry 17.03 per cent, and services 57.38 per cent. Agriculture and industry’s contributions were less than their contributions in Q4 of 2023 by 0.53 per cent and 0.31 percentage points. The services sector had the highest contribution to the GDP in Q4 2024, surpassing its contribution in the corresponding quarter of 2023 by 0.83 percentage points.
The annual contributions of the economic sectors show that agriculture contributed 24.64 per cent in 2024, which is lower compared to its contribution of 25.18 per cent in 2023. Similarly, the industry sector’s annual contribution was 18.47 per cent, which is also lower than the figure recorded for 2023, which was 18.65 per cent.
However, the services sector’s contribution for 2024 was 56.89 per cent, exceeding the 56.18 per cent recorded for 2023.
Further disaggregation of the economic activities into oil and non-oil sectors shows that oil GDP grew by 1.48 per cent in Q4 2024, which is a decline compared to 12.11 per cent recorded in Q4 2023 and the previous quarter of Q3 2024, which stood at 5.17 per cent.
The annual oil GDP for 2024 grew by 5.54 per cent, which is 7.75 per cent higher than the annual GDP recorded for 2023 (-2.22 per cent), while the annual contribution of oil stood at 5.51 per cent in 2024, higher than its contribution in Q4 2023, which was 5.40 per cent.
The report also shows that the fourth quarter of 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd.
On the contrary, the fourth quarter of 2024 production volume was higher than that of the third quarter of 2024 (1.47 mbpd) by 0.06 mbpd.
Reacting to the GDP report, Professor Godwin Oyedokun of Lead City University, Ibadan, said the GDP growth is a moderately positive sign, but the lack of rebased figures raises concerns.
He said, “The Nigerian government needs to address the challenges of data collection and rebasing, as well as focus on inclusive growth and economic diversification. This lack of current data makes it harder to properly create effective economic policy.”
Cooking gas prices have reduced in Abuja and nearby cities over the past three weeks, with some outlets selling LPG for as low as ₦1,300 per kilogramme.
Checks showed Ranoil, Shafa and AP Ardova now sell LPG at ₦1,350, ₦1,300 and ₦1,400 per kilogramme, down from ₦1,450 to ₦1,500.
NMDPRA data showed LPG imports jumped 1,400 per cent to 1.5 kilotonnes per day in June 2026, matching the drop to ₦997-₦1,030 at depots.
The price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has continued to decline in parts of Nigeria over the past three weeks.
A recent market survey by journalists showed that the price of a kilogramme of cooking gas had dropped to as low as ₦1,300 in Abuja and its environs, depending on the location.
The latest price represents a reduction from the ₦1,450 previously recorded in some areas.
Checks at some filling stations in Abuja showed that Ranoil, Shafa and AP Ardova now sell LPG at ₦1,350, ₦1,300 and ₦1,400 per kilogramme, respectively.
The prices are lower than the ₦1,450 to ₦1,500 per kilogramme previously recorded at the outlets.
The decline has also been recorded at the depot level, with depot owners now selling LPG for between ₦997 and ₦1,030 per kilogramme.
This is a reduction from prices that had risen to as high as ₦1,100 per kilogramme.
Cooking gas retailers in some parts of the Federal Capital Territory have also reduced their prices.
Most retailers in Dawaki, Kubwa, Gwarimpa and Lugbe now sell LPG at about ₦1,500 per kilogramme.
The price is down from around ₦1,700 per kilogramme previously recorded in the areas.
The reduction in the price of cooking gas comes amid a significant increase in LPG imports into the country.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that LPG imports increased significantly in June 2026.
According to the data, LPG imports rose by 1,400 per cent to 1.5 kilotonnes per day in June.
The increase in supply has coincided with the recent decline in cooking gas prices recorded across parts of the country.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 31st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 31st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1419 and buy at ₦1408 on Friday, 31st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1419
Buying Rate ₦1408
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1370
Lowest Rate ₦1365
The Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration process for capital market operators as part of efforts to modernise Nigeria’s capital market and improve regulatory efficiency.
The Commission, in a statement issued on Wednesday, said the electronic registration (e-Registration) platform, deployed through its ePortal, would enable designated regulatory services to be completed entirely online.
According to the SEC, the platform allows Capital Market Operators (CMOs) to complete approved registration processes digitally, including application submission, regulatory review, approvals and communication of decisions.
It said the initiative would eliminate manual processing for services covered in the current phase, while simplifying regulatory interactions, reducing administrative bottlenecks, shortening processing timelines and giving applicants improved visibility into the status of their applications.
The Commission explained that migrating to a fully digital registration system would enhance operational efficiency and strengthen regulatory oversight through standardised workflows, electronic documentation, secure digital record management and improved audit trails.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the SEC said.
The regulator said the e-Registration platform aligns with its strategic objective of leveraging technology to improve market efficiency, enhance ease of doing business and deliver better services to stakeholders.
It added that the digital system would improve the integrity of regulatory processes by reducing delays associated with paper-based documentation and enhancing the quality of regulatory data available for decision-making.
The SEC noted that the platform would also provide a stronger foundation for regulatory analytics and future innovations aimed at improving oversight of the Nigerian capital market.
It said the implementation would be carried out in phases to ensure a smooth transition for market participants while maintaining the stability and integrity of regulatory processes.
The Commission clarified that the current phase covers post-registration services for existing Capital Market Operators, adding that applications for the registration of new entrants into the Nigerian capital market are not included yet.
According to the SEC, the commencement of electronic processing for new registration applications would be announced at a later date.
The Commission urged all Capital Market Operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless transition.
It reaffirmed its commitment to implementing reforms that promote innovation, improve regulatory service delivery, strengthen market infrastructure, enhance transparency and boost investor confidence in Nigeria’s capital market.
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