Nigeria’s Gross Domestic Product (GDP) expanded by 3.46% in real terms in the third quarter of 2024, surpassing both the 2.54% growth recorded in Q3 2023 and the 3.19% growth in the previous quarter.
The growth was primarily fueled by the services sector, which saw an impressive 5.19% increase and contributed 53.58% to the total GDP.
The agriculture sector grew by 1.14%, slightly down from 1.30% in Q3 2023, while the industrial sector experienced a significant recovery with a growth rate of 2.18%, up from 0.46% in the same period last year.
The non-oil sector also showed strong performance, growing by 3.37% year-on-year, with key contributors including financial services, telecommunications, crop production, transportation, trade, and construction.
In nominal terms, Nigeria’s GDP for Q3 2024 reached N71.13 trillion, marking a 17.26% increase compared to N60.66 trillion in Q3 2023.
The oil sector saw a 5.17% growth year-on-year, a stark recovery from the -0.85% recorded in Q3 2023.
However, the sector’s growth slowed compared to the 10.15% increase seen in Q2 2024. On a quarter-on-quarter basis, the oil sector grew by 7.39% and contributed 5.57% to the total real GDP.
The non-oil sector accounted for 94.43% of Nigeria’s GDP in Q3 2024, slightly lower than 94.52% in Q3 2023 but slightly higher than 94.20% in Q2 2024.
