Nigeria’s GDP Grows 3.46% in Q3 2024 – NBS

Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms (constant price) in the third quarter (Q3) of 2024, according to the Statistician General of the Federation, Adeyemi Adeniran.

This marks a 0.92 percentage point increase compared to the 2.54% growth recorded in Q3 2023.

In a statement released on Monday, Adeniran also noted that the growth rate for Q3 2024 was 0.27 percentage points higher than the 3.19% recorded in the second quarter (Q2) of 2024.

“This growth reflects a stronger performance compared to both the same quarter last year (Q3 2023) and the previous quarter (Q2 2024),” Adeniran said.

The Services sector was the primary driver of the economy, recording a growth of 5.19% and contributing 53.58% to the total GDP. In real terms, economic activity in Q3 2024 amounted to N20.1 trillion, an increase from the N18.2 trillion in Q2 2024 and N19.4 trillion in Q3 2023.

In nominal terms (current price), the GDP reached N71.1 trillion in Q3 2024, representing a 17.26% year-on-year growth from N60.6 trillion in Q3 2023. This figure also exceeded the N60.9 trillion recorded in the preceding quarter, Q2 2024.

Key contributors to the economic performance in Q3 2024 included crop production (26.51%), trade (14.78%), telecommunications (13.94%), crude petroleum (5.57%), and real estate (5.43%).

Breaking down the performance by sector, the Agricultural sector grew by 1.14% in real terms, slightly lower than the 1.30% growth recorded in Q3 2023. The Industrial sector grew by 2.18%, a notable improvement compared to just 0.46% growth in Q3 2023. The Services sector saw the strongest growth, expanding by 5.19%, up from 3.99% in Q3 2023.

Adeniran further attributed the positive performance of the non-oil sector to gains in crop production in agriculture, trade, telecommunications, and real estate within the services sector.

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