Nigeria’s economy has recorded a significant growth, with the Gross Domestic Product (GDP) increasing by 3.46 per cent in real terms in the third quarter (Q3) of 2024.
This growth rate surpasses the 2.54 per cent recorded in the third quarter of 2023 and the 3.19 per cent growth rate achieved in the second quarter of 2024.
According to the National Bureau of Statistics (NBS), “Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024.”
The NBS report also revealed that the growth rate is higher than the 2.54 per cent recorded in the third quarter of 2023.
The services sector was the main driver of the GDP growth, with a growth rate of 5.19 per cent and contributing 53.58 per cent to the aggregate GDP.
The agriculture sector grew by 1.14 per cent, while the industry sector recorded a growth rate of 2.18 per cent.
The NBS report further stated that the aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms, indicating a year-on-year nominal growth of 17.26 per cent.
Nigeria’s oil production also increased, with an average daily production of 1.47 million barrels per day (mbpd) in the third quarter of 2024.
This is higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023.
The non-oil sector grew by 3.37 per cent in real terms during the reference quarter (Q3 2024), higher than the 2.75 per cent recorded in the same quarter of 2023.
