Nigeria's Gross Domestic Product (GDP) experienced a real growth of 3.46 percent in the third quarter (Q3) of 2024 compared to the same period last year. This information was released in a report by the National Bureau of Statistics (NBS) on Monday, indicating an increase of 3.19 percent from the growth recorded in Q2 2024.
According to the NBS, "Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024." This growth surpasses the 2.54% recorded in Q3 2023 and the 3.19% from Q2 2024.
The report noted that the total GDP at basic price reached N71,131,091.07 million in nominal terms for the quarter, reflecting a significant increase from the N60,658,600.37 million recorded in Q3 2023, which translates to a year-on-year nominal growth of 17.26%.
The NBS attributed this GDP growth primarily to the services sector, which grew by 5.19 percent and accounted for 53.58 percent of the total GDP, highlighting its growing significance in Nigeria's economy.
In contrast, the agriculture sector saw a growth of 1.14%, down from 1.30% in Q3 2023, while the industrial sector improved to 2.18%, up from 0.46% in the same quarter last year.
Furthermore, the services sector's contribution to the overall GDP in Q3 2024 was greater than that of the corresponding quarter in 2023. The NBS also reported that Nigeria's average daily oil production reached 1.47 million barrels per day (mbpd), which is an increase from the 1.45 mbpd recorded in Q3 2023 and higher than the 1.41 mbpd from Q2 2024.
In the third quarter of 2024, the oil sector experienced a real growth rate of 5.17% year-on-year, reflecting an increase of 6.02 percentage points compared to the same quarter in 2023, which saw a decline of 0.85%.
Meanwhile, the non-oil sector achieved a real growth of 3.37% during this period. This figure represents an improvement of 0.62 percentage points over the 2.75% growth recorded in the third quarter of 2023 and surpasses the 2.80% growth noted in the second quarter of 2024, as reported by the NBS.