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
Receive Alerts On:
Facebook: METRODAILYNG Twitter: @METRODAILYNG
REACH THE RIGHT PEOPLE AT THE RIGHT TIME WITH METRO DAILY NIGERIA. TRY AND ADVERTISE ANY KIND OF YOUR BUSINESS TO USERS ONLINE TODAY. KINDLY CONTACT US FOR YOUR ADVERTS OR PUBLICATIONS @ METRODAILYNG@GMAIL.COM or 08077778839. OR VISIT US AT OUR OFFICE AT
PLOT 273 REINSURANCE BUILDING
HERBERT MACAULAY WAY
2ND FLOOR, C WING, CENTRAL BUSINESS DISTRICT (CBD)
ABUJA – FCT.