Abuja, Nigeria – The National Bureau of Statistics (NBS) has reported a 3.46% year-on-year growth in Nigeria’s Gross Domestic Product (GDP) for the third quarter of 2024, marking an improvement from the 2.54% recorded in Q3 2023 and the 3.19% achieved in Q2 2024.
The growth was primarily driven by the Services sector, which expanded by 5.19% and contributed 53.58% to the overall GDP. The Industry sector recorded a 2.18% growth, a significant rise from 0.46% in Q3 2023, while the Agriculture sector grew by 1.14%, slightly lower than its 1.30% growth in the same quarter of the previous year.
Aggregate GDP Performance
The aggregate GDP in nominal terms stood at ₦71 trillion, reflecting a year-on-year nominal growth of 17.26% compared to ₦60.6 trillion in Q3 2023.
Oil Sector Performance
The oil sector recorded a year-on-year real growth of 5.17%, rebounding from a contraction of -0.85% in Q3 2023. On a quarter-on-quarter basis, it grew by 7.39% in Q3 2024. The sector contributed 5.57% to total real GDP, slightly higher than the 5.48% recorded in Q3 2023 but lower than the 5.70% contribution in Q2 2024.
Non-Oil Sector Performance
The non-oil sector expanded by 3.37% in real terms, up from 2.75% in Q3 2023 and 2.80% in Q2 2024. Key drivers included Financial and Insurance services, Telecommunications, Agriculture (Crop Production), Road Transport, Trade, and Construction. This sector contributed 94.43% to the real GDP, slightly lower than 94.52% in Q3 2023 but higher than the 94.20% recorded in Q2 2024.
This robust GDP growth underscores the continued recovery and diversification of Nigeria’s economy.