Nigeria’ GDP Hits N20.1trn in Q3 2024, Oil Sector Records 5.17% Growth – NBS

Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter (Q3) of 2024, marking an improvement from the 2.54% recorded in Q3 2023, the National Bureau of Statistics (NBS) announced on Monday, November 25.

The Statistician-General of the Federation, Prince Adeyemi Adeniran, stated this in a press release highlighting key economic drivers.

“This reflects a higher growth rate compared to the corresponding quarter in 2023 and the preceding quarter of 2024,” Adeniran said, noting that Q3’s growth also surpassed Q2 2024’s 3.19%.

The Services sector emerged as the major driver of the economy, growing by 5.19% and contributing 53.58% to the GDP.

In real terms, Nigeria’s Q3 2024 GDP stood at ₦20.1 trillion, up from ₦19.4 trillion in Q3 2023 and ₦18.2 trillion in Q2 2024.

The oil sector recorded a 5.17% growth, a significant rebound from the -0.85% decline in Q3 2023, though lower than the 10.15% recorded in Q2 2024. The sector contributed 5.57% to the total GDP, with average daily oil production rising to 1.47 million barrels per day (mbpd), higher than Q3 2023’s 1.45 mbpd.

In nominal terms, aggregate GDP reached ₦71.1 trillion, reflecting a 17.26% year-on-year growth from ₦60.7 trillion in Q3 2023.

Non-oil activities remained dominant, contributing 94.43% to the GDP. Key contributors included Crop Production (26.51%), Trade (14.78%), and Telecommunications (13.94%). “Growth in the non-oil sector was driven by agriculture, trade, and real estate,” Adeniran added.

The Agricultural sector, however, recorded slower growth at 1.14% compared to 1.30% in Q3 2023, while Industry grew by 2.18%, up from 0.46% last year.

NBS attributed the robust performance to policy reforms and steady improvements in key sectors