Nigeria’s economy shows positive growth with a 3.46% GDP increase in the third quarter of 2024, signaling recovery and resilience amidst global challenges.
Nigeria’s Gross Domestic Product (GDP) increased by 3.46 percent in real terms during the third quarter (Q3) of 2024 compared to the same period last year.
This is based on a GDP report released Monday by the National Bureau of Statistics (NBS), indicating that the growth marks a 3.19 percent rise compared to what was recorded in Q2 2024.
According to the NBS, Nigeria’s Gross Domestic Product (GDP) increased by 3.46% year-on-year in real terms during the third quarter of 2024. This growth rate surpasses both the 2.54% recorded in the same period of 2023 and the second quarter growth of 3.19% in 2024.
According to the report, during the quarter in question, the aggregate GDP at basic prices was N71,131.091 million in nominal terms.
This performance surpasses that of the third quarter of 2023, which had an aggregate GDP of N60,658,600.37 million and showed a year-on-year nominal growth rate of 17.26%.
According to the NBS, GDP growth was primarily fueled by the services sector. This sector achieved a 5.19 percent growth rate and accounted for 53.58 percent of the total GDP, highlighting its growing significance in the nation’s economy.
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“The agriculture sector grew by 1.14%, down from the 1.30% growth recorded in the third quarter of 2023,” according to the NBS.
The industry sector experienced growth of 2.18%, which is an increase from the 0.46% recorded in the third quarter of 2023.
The services sector accounted for a larger portion of the total GDP in the third quarter of 2024 than it did in the same period of 2023.
The NBS reported that during the quarter under review, Nigeria’s average daily oil production was 1.47 million barrels per day (mbpd). This marks an increase of 0.02 mbpd compared to the previous year’s same quarter production of 1.45 mbpd and a rise of 0.07 mbpd over the second quarter’s output for 2024, which stood at 1.41 mbpd.
“The report stated that the oil sector experienced real growth of 5.17% year-over-year in Q3 2024, marking a rise of 6.02 percentage points compared to the -0.85% rate recorded in the same quarter of 2023.”
However, during the reference quarter (Q3 2024), the non-oil sector experienced a growth of 3.37% in real terms.
“The NBS further noted that this rate was 0.62 percentage points higher than the 2.75% recorded in the same quarter of 2023 and exceeded the 2.80% reported in the second quarter of 2024.”
