Nigeria’s economy experienced a 3.46% year-on-year growth in GDP during Q3 2024, as highlighted in the National Bureau of Statistics’ latest report on Monday.
This growth marks an improvement from the 2.54% recorded in Q3 2023 and a slight rise from 3.19% in the previous quarter. The oil sector and ongoing expansion in non-oil activities, particularly in services and agriculture, were key drivers of this growth.
The report noted, “Nigeria’s GDP grew by 3.46% in real terms during Q3 2024, surpassing the 2.54% recorded in Q3 2023 and the 3.19% in Q2 2024. The Services sector was the primary driver, growing by 5.19% and contributing 53.58% to the aggregate GDP.”
The oil sector rebounded significantly, achieving a real growth of 5.17% compared to a contraction of -0.85% in Q3 2023. Average daily oil production rose to 1.47 mbpd from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024, with the sector contributing 5.57% to GDP.
The non-oil sector maintained its dominance, contributing 94.43% of GDP with a growth rate of 3.37%. This represents an increase from 2.75% in Q3 2023 and 2.80% in Q2 2024. Financial institutions, telecommunications, agriculture, transportation, and construction were pivotal in driving this growth, showcasing progress in economic diversification.
The Services sector stood out, with a 5.19% growth, accounting for 53.58% of the GDP. Telecommunications and Information Services were major contributors, reflecting the rising demand for digital services, while financial institutions also showed strong performance.
Agriculture grew by 1.14%, slightly below the 1.30% recorded in Q3 2023, with crop production remaining central to food security and rural employment. The industrial sector saw a growth of 2.18%, recovering from 0.46% in Q3 2023, led by gains in crude petroleum, natural gas, manufacturing, and construction.
In nominal terms, GDP for Q3 2024 reached ₦71.13 trillion, a 17.26% increase from ₦60.66 trillion in Q3 2023, reflecting inflationary pressures and increased economic activity across sectors.
