Feb 26 (Lagos) - Nigeria's GDP (Gross Domestic Product) is trying to make a comeback according to data released by the NBS. The Q4 GDP came in at 3.84% up from 3.46% in Q3 of 2024. The Q4 GDP of N 78.37 trillion roughly translates in to USD 52 billion. Times that by 4 and we are looking at annual GDP of just a bit more than USD 200 billion.
To put that number in some International context, Apple Inc USA reported quarterly sales of $ 124 billion and quarterly profit of $ 36 billion in the Q4 of 2024. China's Alibaba reported its Q4 revenue of USD 38 billion and Q4 profit of USD 6.6 billion. India's Infosys technologies reported Q4 revenue of USD 4.9 billion and profit of USD 1 billon in Q4.
It is unfair to compare Nigeria's GPD to the biggest Companies of USA or China but it can still be used to justify a point that Nigeria as a nation is not keeping up with its vast potential and promise. We are falling behind and we need to stop falling in real terms and not only on statistics.
We are nowhere near our own 2014 levels in terms of the GPD numbers as we used to be above USD 500 billion back the day but there was improvement in the statistics in Q4.
Oil sector grew by 1.48% year on year and crude oil production averaged 1.54 mbpd in Q4 2024. However the real growth in the oil sector declined significantly to 1.48% in Q4 from 12.11% in the same period of 2023. Even on a quarter on a quarter basis, the oil sector contracted by more than 7% highlighting production challenges and also global demand issues.
The world bank expects the economy to grow 3.5% in this year.