Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024, latest data from the National Bureau of Statistics (NBS) has shown.
The growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.
According to NBS, the performance of the GDP in the third quarter of 2024 was driven mainly by the services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.
The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023.
The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.
In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.
In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms. “This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%,” the statistics bureau stated.
The Nigerian economy is classified broadly into the oil and non-oil sectors.
The non-oil sector grew by 3.37% in real terms during the quarter under reference (Q3 2024). This rate was higher by 0.62% points compared to the rate recorded in the same quarter of 2023 which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024.
The sector was driven in the third quarter of 2024 mainly by financial and insurance (financial institutions); information and communication (telecommunications); agriculture (Crop production); transportation and storage (road transport); trade; and construction, accounting for positive GDP growth.
In real terms, the non-oil sector contributed 94.43% to the nation’s GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023 which was 94.52% and higher than the second quarter of 2024 recorded as 94.30%.
The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%). Growth decreased by 4.98% points when compared to Q2 2024 which was 10.15%.
On a quarter-on-quarter basis, the oil sector recorded a growth rate of 7.39% in Q3 2024. The Oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70% respectively.
The nation in the third quarter of 2024 recorded an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07mbpd.