Nigeria’s GDP increases by 3.46% in Q3 2024 – NBS

Story by Victor Itodo ABUH

Nigeria’s economy posted a 3.46% year-on-year growth in Gross Domestic Product (GDP) for the third quarter of 2024, surpassing the 2.54% growth recorded during the same period in 2023.

According to the latest data from the National Bureau of Statistics (NBS), this growth rate also exceeds the 3.19% recorded in Q2 2024, highlighting a positive trajectory for the Nigerian economy.

The services sector was the main driver behind this growth, achieving a 5.19% increase and contributing 53.58% to the total GDP.

Meanwhile, the agriculture sector saw a growth of 1.14%, slightly down from the 1.30% recorded in Q3 2023.

The industrial sector grew by 2.18%, marking an improvement from last year’s 0.46%.

In nominal terms, the GDP for the third quarter stood at N71.13 trillion, up by 17.26% from the N60.66 trillion recorded in Q3 2023.

Read also: GDP growth doesn’t mean improved living standards – Firm warns Nigerians

The non-oil sector also posted a growth rate of 3.37% in Q3 2024, surpassing both the 2.75% growth in Q3 2023 and the 2.80% in Q2 2024. This performance was largely driven by sectors such as financial services, telecommunications, agriculture (crop production), transportation, trade, and construction, which collectively spurred GDP growth.

Notably, the non-oil sector contributed 94.43% to Nigeria’s total GDP, a slight decrease from 94.52% in Q3 2023 but higher than the 94.30% share in Q2 2024.

The oil sector recorded a year-on-year growth of 5.17%, a significant recovery from a contraction of -0.85% in Q3 2023. However, this marked a decrease from the 10.15% growth seen in Q2 2024. Despite this, the oil sector’s contribution to GDP increased slightly to 5.57% in Q3 2024, up from 5.48% in the same period last year.

Nigeria’s oil production averaged 1.47 million barrels per day (mbpd) in Q3 2024, slightly up from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024. This increase in oil production reflects a steady recovery in the oil sector despite challenges.

The NBS concluded that the overall growth was driven by strong performances across both oil and non-oil sectors, signaling positive economic momentum for the country.

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