Nigeria’s economy demonstrated resilience in the third quarter of 2024, with the GDP growing by 3.46%, marking a significant improvement from the previous year’s 2.54% growth.
According to the National Bureau of Statistics (NBS), this expansion not only surpasses last year’s performance but also shows a slight increase over Q2 2024’s 3.19% growth rate.
The Nigerian economy’s total output for Q3 2024 reached N20.1 trillion in real terms, which is a substantial rise from the N18.2 trillion recorded in Q2 2024 and N19.4 trillion in Q3 2023.
The services sector, in particular, has been the driving force behind this growth, with a 5.19% increase in the quarter, contributing over half of the GDP at 53.58%.
The nominal GDP for the quarter stood at N71.1 trillion, reflecting a notable 17.26% increase from the N60.6 trillion recorded in Q3 2023, signaling positive economic momentum.
Sectoral breakdowns indicate that crop production, trade, and telecommunications have contributed significantly to the economy.
The oil sector has also seen recovery, with a 5.17% growth, although still below Q2 2024’s strong performance of 10.15%.
Nigeria’s oil production averaged 1.47 million barrels per day, slightly up from the 1.45 mbpd recorded in the same period last year and surpassing the 1.41 mbpd in Q2 2024.
While the oil sector showed improvements, the non-oil economy continues to dominate, contributing 94.43% to the total GDP in Q3 2024.
This contribution, although slightly lower than the previous quarter’s 94.52%, remains strong.
Leave a Reply