Nigeria's GDP grew by 3.46% in Q3 2024, driven by the services sector. The non-oil sector contributed 94.4% to the growth, while oil production rose slightly to 1.47 million barrels per day. The economy also saw a 17.26% rise in nominal GDP, reflecting a resilient economic performance.
Nigeria's economy saw a notable growth of 3.46% in the third quarter (Q3) of 2024, as reported by the National Bureau of Statistics (NBS). This performance marks an increase from the 3.19% growth recorded in the second quarter and exceeds the 2.54% growth of the same period in 2023.
The GDP expansion was primarily fueled by the services sector, which grew by 5.19% and contributed more than half—53.58%—of the total GDP. This sector’s performance significantly outpaced the agriculture and industrial sectors, with the latter both showing improvements over last year. The agriculture sector grew by 1.14%, down slightly from 1.30% in Q3 2023, while the industrial sector saw a stronger increase of 2.18%, up from 0.46% in the same period last year.
Nominal GDP for Q3 2024 reached N71.13 trillion, reflecting a year-on-year growth of 17.26%, compared to N60.66 trillion in Q3 2023. This performance highlights the resilience of Nigeria’s economy despite global challenges.
Oil production also saw a slight uptick, averaging 1.47 million barrels per day (bpd), higher than the 1.45 million bpd produced in Q3 2023. The oil sector grew by 5.17% year-on-year but experienced a slight slowdown compared to the previous quarter’s growth of 10.15%.
Meanwhile, the non-oil sector continued to be a key driver, contributing 94.43% of the GDP growth in Q3 2024. Sectors such as telecommunications, trade, and financial services played pivotal roles in this strong performance.
