Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in real terms in the third quarter of 2024, marking an improvement over the 3.19% recorded in Q2 2024 and the 2.54% growth in Q3 2023.

 

The National Bureau of Statistics (NBS) released the data on Monday, attributing the growth to a strong performance in the Services sector and moderate gains in the non-oil and oil sectors.

 

Key Sector Highlights

 

• Services Sector:

• Expanded by 5.19%, contributing 53.58% of the aggregate GDP.

• This sector played a dominant role in driving the economy, reflecting its resilience and growing importance.

• Agriculture Sector:

• Recorded a modest growth of 1.14%, slightly below the 1.30% growth in Q3 2023.

• Industry Sector:

• Achieved a growth rate of 2.18%, a significant improvement from the 0.46% recorded in Q3 2023.

• Oil Sector:

• Real growth stood at 5.17% year-on-year, up from -0.85% in Q3 2023 but lower than 10.15% in Q2 2024.

• Daily oil production increased to 1.47 million barrels per day (mbpd) from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024.

• Contributed 5.57% to total real GDP, slightly higher than Q3 2023’s 5.48% but below Q2 2024’s 5.70%.

• Non-Oil Sector:

• Grew by 3.37% in real terms, surpassing 2.75% in Q3 2023 and 2.80% in Q2 2024.

• Contributed 94.43% to GDP, reflecting its dominant role in the economy. Key contributors included financial services, telecommunications, crop production, road transport, trade, and construction.

 

Aggregate GDP Performance

 

• Nominal GDP for Q3 2024 was ₦71.13 trillion, representing a 17.26% year-on-year nominal growth compared to ₦60.66 trillion in Q3 2023.

 

Economic Reforms and Outlook

 

The federal government plans to rebase Nigeria’s Consumer Price Index (CPI) and GDP by 2025 to enhance policy precision and attract investors. According to the Ministry of Finance, this effort will provide a clearer and more reliable depiction of the economy, potentially delivering long-term economic benefits.

 

This robust GDP performance, coupled with ongoing economic reforms, reflects efforts to stabilize Nigeria’s economy amid global and domestic challenges.