Nigeria’s GDP Grows By 3.46% In Q3

Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024, latest data from the National Bureau of Statistics (NBS) has shown.

The growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.

According to NBS, the performance of the GDP in the third quarter of 2024 was driven mainly by the services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.

The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023.

The sector was driven in the third quarter of 2024 mainly by financial and insurance (financial institutions); information and

communication (telecommunications); agriculture (Crop production); transportation and storage (road transport); trade; and construction, accounting for positive GDP growth.

In real terms, the non-oil sector contributed 94.43% to the nation’s GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023 which was 94.52% and higher than the second quarter of 2024 recorded as 94.30%.

The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%). Growth decreased by 4.98% points when compared to Q2 2024 which was 10.15%.

On a quarter-on-quarter basis, the oil

sector recorded a growth rate of 7.39% in Q3 2024. The Oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70% respectively.

The nation in the third quarter of 2024 recorded an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07mbpd.