Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms year-on-year in the third quarter (Q3) of 2024, according to the latest report from the National Bureau of Statistics (NBS) released on Monday. This marks a 3.19% increase compared to the growth recorded in Q2 2024.
The NBS report highlights that the Q3 2024 GDP growth surpassed both the 2.54% recorded in the same quarter of 2023 and the 3.19% growth seen in Q2 2024. In nominal terms, Nigeria’s GDP stood at N71.13 trillion in Q3 2024, reflecting a 17.26% increase from the N60.66 trillion recorded in Q3 2023.
The growth was primarily driven by the services sector, which expanded by 5.19% and contributed 53.58% to the total GDP, underscoring its growing significance to the country’s economy. The agricultural sector grew by 1.14%, slightly lower than the 1.30% growth recorded in Q3 2023. Meanwhile, the industrial sector saw a notable improvement, growing by 2.18%, up from just 0.46% in Q3 2023.
In terms of oil production, Nigeria averaged 1.47 million barrels per day (mbpd) in Q3 2024, a slight increase from 1.45 mbpd in the same period last year and 1.41 mbpd in Q2 2024. The real growth of the oil sector was 5.17% year-on-year, a significant turnaround from the -0.85% recorded in Q3 2023.
The non-oil sector also showed positive growth, expanding by 3.37% in real terms in Q3 2024. This was 0.62 percentage points higher than the 2.75% recorded in Q3 2023 and slightly better than the 2.80% growth seen in the second quarter of 2024.
Overall, the data signals a steady recovery in Nigeria’s economy, driven by both the services and oil sectors, with notable improvements in industrial and non-oil activities.
