ABUJA: Nigeria’s Gross Domestic Product (GDP) expanded by 3.46% in real terms in the third quarter (Q3) of 2024, compared to the same period in the previous year. This growth marks a 3.19% increase from the GDP growth recorded in Q2 2024, according to the National Bureau of Statistics (NBS) report released on Monday.
The NBS highlighted that the 3.46% growth in Q3 2024 is an improvement from the 2.54% growth in Q3 2023 and also surpasses the 3.19% growth in Q2 2024. The report further stated that Nigeria’s aggregate GDP at basic prices for Q3 2024 amounted to N71.13 trillion, a notable increase from the N60.66 trillion recorded in the same period in 2023, reflecting a year-on-year nominal growth of 17.26%.
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The growth was largely driven by the services sector, which expanded by 5.19% and contributed 53.58% to the total GDP, emphasizing the growing significance of services in Nigeria’s economy. The agriculture sector grew by 1.14%, though slightly lower than the 1.30% growth seen in Q3 2023. Meanwhile, the industrial sector saw a growth of 2.18%, a significant improvement over the 0.46% recorded in the same quarter of 2023.
In terms of GDP composition, the services sector contributed a larger share to the total GDP in Q3 2024 compared to the corresponding quarter in 2023.
Regarding oil production, Nigeria’s average daily oil output in Q3 2024 was 1.47 million barrels per day (mbpd), up from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024. The oil sector’s real growth stood at 5.17% year-on-year, marking a significant recovery from the -0.85% recorded in the third quarter of 2023.
On the other hand, the non-oil sector grew by 3.37% in real terms in Q3 2024, surpassing the 2.75% growth recorded in Q3 2023 and the 2.80% growth in Q2 2024, further highlighting the diversification of Nigeria’s economy.
