The National Bureau of Statistics (NBS) has reported a 3.46% growth in Nigeria’s Gross Domestic Product (GDP) for the third quarter (Q3) of 2024, showing an improvement over the 3.19% recorded in Q2 2024 and the 2.54% growth rate achieved in Q3 2023.
According to the NBS report released on Monday, the growth was primarily fuelled by the services sector, which recorded a 5.19% growth and contributed 53.58% to the nation’s aggregate GDP.
The agriculture sector grew by 1.14% in Q3 2024, slightly lower than the 1.30% growth in Q3 2023. The industry sector saw an improvement, growing by 2.18% compared to the modest 0.46% growth in Q3 2023.
The services sector remained the largest contributor, further cementing its dominance in the economy.
The report also highlighted a nominal GDP of ₦71.13 trillion in Q3 2024, reflecting a year-on-year nominal growth of 17.26% compared to ₦60.66 trillion in Q3 2023.
“This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%,” the bureau said.
The country’s oil production averaged 1.47 million barrels per day (mbpd) in Q3 2024, up from 1.41 mbpd in Q2 2024 and 1.45 mbpd in Q3 2023.
Real growth in the oil sector was 5.17% year-on-year, a significant rebound from the -0.85% recorded in Q3 2023, though lower than the 10.15% growth in Q2 2024.
The oil sector contributed 5.57% to the total real GDP, slightly higher than Q3 2023’s contribution of 5.48% but lower than Q2 2024’s 5.70%.
“The Oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70% respectively,” the NBS said.
The non-oil sector grew by 3.37% in real terms, higher than the 2.75% recorded in Q3 2023 and 2.8% in Q2 2024.
This sector contributed 94.43% to the GDP in Q3 2024, marginally lower than Q3 2023’s 94.52% but higher than Q2 2024’s 94.30%.
Key drivers within the non-oil sector included information and communication (telecommunications), trade, agriculture (crop production), financial and insurance services, manufacturing (food, beverages, and tobacco), real estate, and construction.
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