Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter (Q3) of 2024, reflecting a 0.92 percentage point increase compared to the 2.54% growth recorded in Q3 2023, according to the National Bureau of Statistics (NBS).
The Q3 GDP also surpassed the 3.19% recorded in the second quarter (Q2) of 2024, with the economy reaching ₦20.12 trillion in real terms, a higher figure compared to ₦18.29 trillion in Q2 2024 and ₦19.44 trillion in Q3 2023.
The Services sector emerged as the primary growth driver, growing by 5.19% and contributing 53.58% to the aggregate GDP. Other key contributors included Crop Production (26.51%), Trade (14.78%), and Telecommunications (13.94%).
In nominal terms, the GDP stood at ₦71.13 trillion, reflecting a 17.26% year-on-year growth from ₦60.66 trillion in Q3 2023 and surpassing the ₦60.93 trillion recorded in Q2 2024.
Agriculture grew by 1.14%, contributing 28.65% to GDP but slightly lower than its 1.30% growth in Q3 2023. The Industry sector recorded a 2.18% growth, improving from 0.46% in Q3 2023 and contributing 17.77%. The Services sector achieved 5.19% growth, surpassing the 3.99% recorded in Q3 2023.
The oil sector grew by 5.17%, a notable recovery from the -0.85% recorded in Q3 2023, although below the 10.15% growth seen in Q2 2024. Average daily oil production increased to 1.47 million barrels per day (mbpd), up from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024.
Meanwhile, the non-oil sector, contributing 94.43% of GDP, saw growth driven by activities in Crop Production, Trade, Telecommunications, and Real Estate.
This performance highlights sustained economic momentum, particularly in the Services sector, amid efforts to diversify away from oil dependence.
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