Nigeria?s GDP grew by 3.46% in third quarter

Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter (Q3) of 2024, according to the National Bureau of Statistics (NBS). 

This marks a 0.92 percentage point increase compared to Q3 2023, which had seen a growth of 2.54%. The growth also surpasses the 3.19% recorded in Q2 2024. The NBS attributed the positive performance largely to the Services sector, which grew by 5.19% and contributed over half (53.58%) of the total GDP.

In nominal terms, the GDP for Q3 2024 stood at N71.1 trillion, reflecting a 17.26% increase from the N60.7 trillion recorded in Q3 2023. The quarter also showed improvement over Q2 2024, which had recorded N60.9 trillion.

The report highlights that key sectors such as crop production, trade, telecommunication, and real estate were significant contributors to the GDP growth. Crop production grew by 26.51%, trade by 14.78%, and telecommunication by 13.94%. The crude oil sector, despite growing by 5.17%, accounted for a modest 5.57% of the GDP, while the services sector saw the most substantial growth.

In terms of oil production, the country recorded an average daily output of 1.47 million barrels per day (mbpd), a slight increase from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024. Despite challenges, the non-oil sector continues to be the primary driver of Nigeria’s GDP, contributing 94.43% in Q3 2024.