By Abidemi Samuel
Kindly share this news
Nigeria’s economy has shown a significant improvement in the third quarter of 2024, with the Gross Domestic Product (GDP) growing by 3.46% in real terms, year-on-year. This 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%.
The services sector was the main driver of the GDP growth in Q3 2024, recording a growth of 5.19% and contributing 53.58% to the aggregate GDP. The agriculture sector also grew by 1.14%, although this was lower than the 1.30% growth recorded in the third quarter of 2023.
In terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q3 2024 compared to the corresponding quarter of 2023. The non-oil sector grew by 3.37% in real terms during Q3 2024, driven mainly by financial and insurance, information and communication, agriculture, transportation and storage, trade, and construction.
The oil sector also recorded a significant growth of 5.17% in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023. The oil sector contributed 5.57% to the total real GDP in Q3 2024.
The National Bureau of Statistics (NBS) reported that the nation recorded an average daily oil production of 1.47 million barrels per day (mbpd) in Q3 2024, higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023.
Overall, Nigeria’s GDP growth in Q3 2024 is a positive indication of the country’s economic recovery and growth. The services sector’s significant contribution to the GDP growth highlights the importance of this sector in driving Nigeria’s economic growth.
Kindly share this news!!!