The National Bureau of Statistics (NBS) has disclosed that the country’s economy recorded a 3.46 percent year-on-year growth in Gross Domestic Product during the third quarter of 2024.
NBS stated that the growth represents an improvement over the 2.54 percent recorded in the same period of 2023 and a slight rise from 3.19 percent in the preceding quarter.
These statistics were revealed in the latest GDP report released by NBS on Monday, stating that the achievements were largely driven by the oil sector, as well as continued expansion in non-oil activities, particularly services and agriculture.
The report stated, “Nigeria’s Gross Domestic Product grew by 3.46 percent (year-on-year) in real terms in the third quarter of 2024.
“This growth rate is higher than the 2.54 percent recorded in the third quarter of 2023 and also surpasses the second quarter of 2024, which saw a growth of 3.19 percent.
“The performance of the GDP in the third quarter of 2024 was mainly driven by the Services sector, which recorded a growth of 5.19 percent and contributed 53.58 percent to the aggregate GDP.”
The oil sector posted a real growth of 5.17 percent in Q3 2024, rebounding significantly from a contraction of -0.85 per cent recorded in the same quarter of the previous year.
Average daily oil production increased to 1.47 million barrels per day (mbpd), up from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024.
The sector’s contribution to overall GDP stood at 5.57 percent, reflecting its enduring significance to the Nigerian economy despite diversification efforts.
The non-oil sector continued to dominate, contributing 94.43 percent of GDP in real terms and achieving a growth rate of 3.37 percent.
This marked an improvement over the 2.75 percent recorded in Q3 2023 and 2.80 percent in Q2 2024.
Key drivers of growth included financial institutions, telecommunications, agriculture, transportation, and construction, highlighting the importance of economic diversification.
The services sector emerged as the most significant contributor to aggregate GDP, growing by 5.19 percent and accounting for 53.58 percent of total GDP.
Telecommunications and Information Services played a pivotal role, reflecting increasing digitalisation and rising demand for connectivity.
Financial institutions also reported robust activity, further bolstering the sector’s performance.
The agriculture sector recorded a modest growth of 1.14 percent in real terms, slightly below the 1.30 percent growth recorded in Q3 2023.
Crop production remained the dominant contributor, underscoring its critical role in food security and rural employment.
The industrial sector grew by 2.18 percent, a significant recovery from the 0.46 percent recorded in Q3 2023.
The Mining and Quarrying sub-sector, led by crude petroleum and natural gas, was the standout performer, supported by moderate gains in manufacturing and construction.
In nominal terms, Nigeria’s GDP for Q3 2024 stood at N71.13 trillion, reflecting a year-on-year increase of 17.26 percent from N60.66 trillion in Q3 2023.
This growth underlines the combined impact of inflation and increased economic activity across various sectors.
