By Ayomide Otitoju
Nigeria’s Gross Domestic Product (GDP) expanded by 3.46% year-on-year in real terms during the third quarter (Q3) of 2024, according to the latest data from the National Bureau of Statistics (NBS). The growth reflects an improvement from 2.54% recorded in Q3 2023 and the 3.19% achieved in Q2 2024.
Aggregate GDP at basic prices stood at ₦71.13 trillion in nominal terms, marking a 17.26% year-on-year increase from ₦60.66 trillion recorded in Q3 2023.
The growth was predominantly driven by the services sector, which expanded by 5.19% and contributed 53.58% to the aggregate GDP. “This underscores the sector’s growing importance in Nigeria’s economy,” the NBS stated.
Sectoral Performance
Agriculture: Grew by 1.14%, slightly below the 1.30% growth recorded in Q3 2023.
Industry: Improved with a growth rate of 2.18%, up from 0.46% in the corresponding quarter last year.
Services: Led the growth trajectory, contributing the most to the GDP increase.
Oil and Non-Oil Sector Contributions
Nigeria’s average daily oil production in Q3 2024 was 1.47 million barrels per day (mbpd), slightly higher than 1.45 mbpd recorded in Q3 2023 and up from 1.41 mbpd in Q2 2024. The oil sector recorded a real growth of 5.17%, rebounding from a contraction of -0.85% in Q3 2023.
The non-oil sector grew by 3.37% in real terms, marking an improvement from 2.75% in Q3 2023 and 2.80% in Q2 2024.
“This sustained growth highlights the resilience of Nigeria’s economy and the increasing diversification beyond oil,” the NBS noted.
The report reflects the continued recovery of the Nigerian economy and the critical role of structural reforms and sectoral development in driving sustained growth.
