Nigeria’s economy grew by 3.46% in Q3 2024- NBS

Nigeria’s Gross Domestic Product (GDP), the tool used in measuring the economy of a country, has grown by 3.46 per cent in real terms in the third quarter (Q3) of 2024 on a year-on-year basis.

The National Bureau of Statistics (NBS) disclosed this in a report on Monday.

The report showed that the growth represents a 3.19 per cent increase from the one recorded in Q2 2024.

“Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024,” the NBS said. “This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.”

“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms,” the report read.

“This performance is higher when compared to the third quarter of 2023 which recorded an aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%.”

The NBS said the growth in the GDP was driven mainly by the services sector. It said the sector had a growth rate of 5.19 per cent and contributed 53.58 percent to the aggregate GDP, underscoring its increasing importance to the country’s economy.

“The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023,” the NBS said.

“The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.

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“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.”

The NBS said in the quarter under review, Nigeria had an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07mbpd”.

“The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%),” the report read.

But the non-oil sector grew by 3.37% in real terms during the reference quarter (Q3 2024).

“This rate was higher by 0.62% points compared to the rate recorded in the same quarter of 2023 which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024,” the NBS added.

By: Babajide Okeowo

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