Nigeria’s economy grew by 3.46 percent in Gross Domestic Product (GDP) in the third quarter (Q3) of 2024, up from 3.19 percent in Q2 2024, the National Bureau of Statistics (NBS) reported. This marked an improvement from 2.54 percent in Q3 2023.
“In the quarter under review, aggregate GDP at basic price stood at N71.13 trillion ($42.15 billion) in nominal terms,” the NBS stated, noting a year-on-year growth of 17.26 percent compared to N60.66 trillion ($35.94 billion) in Q3 2023.
The services sector led the growth, increasing by 5.19 percent and contributing 53.58 percent to the GDP. Agriculture contributed 28.65 percent, while industry accounted for 17.77 percent.
The NBS also reported a rise in oil production to 1.47 million barrels per day, higher than Q3 2023’s 1.45 mbpd. “The real growth of the oil sector was 5.17 percent in Q3 2024,” the report added. Meanwhile, the non-oil sector grew by 3.37 percent, highlighting its growing importance in the economy.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
