Nigeria’s Gross Domestic Product (GDP) has grown by 3.46% year-on-year in real terms during the third quarter of 2024.
The National Bureau of Statistics (NBS) made this known in its GDP report published on Monday, saying the growth rate is higher than the 3.19 percent recorded in Q2 2024.
The bureau said the growth rate is also higher than the 2.54 percent recorded in the third quarter of 2023.
The growth in Q3 2024 was primarily driven by the Services sector, which expanded by 5.19% and accounted for 53.58% of the aggregate GDP. This underscores the sector’s growing importance in Nigeria’s economic landscape.
The Services sector played a dominant role in driving the economy, contributing a larger share of the aggregate GDP compared to the same quarter in 2023. Its 5.19% growth highlights its resilience and capacity to spur overall economic performance.
The Agriculture sector recorded a modest growth of 1.14%, slightly below the 1.30% growth reported in Q3 2023.
The Industry sector posted a growth rate of 2.18%, showing significant improvement from the 0.46% recorded in Q3 2023.
The aggregate GDP at basic prices stood at N71.13 trillion in nominal terms in Q3 2024, reflecting a 17.26% year-on-year nominal growth from the N60.66 trillion recorded in Q3 2023.
Nigeria’s average daily oil production increased to 1.47 million barrels per day (mbpd) in Q3 2024, up from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024.
The real growth of the oil sector stood at 5.17% year-on-year, marking an improvement of 6.02 percentage points from the -0.85% recorded in Q3 2023. However, this represents a decline from the 10.15% growth posted in Q2 2024.
The oil sector contributed 5.57% to the total real GDP in Q3 2024, higher than the 5.48% recorded in Q3 2023 but lower than the 5.70% contribution in Q2 2024.
The non-oil sector grew by 3.37% in real terms in Q3 2024, exceeding the 2.75% growth recorded in Q3 2023 and the 2.80% growth in Q2 2024.
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The sector was buoyed by activities in financial services, telecommunications, crop production, road transport, trade, and construction.
In real terms, the non-oil sector contributed 94.43% to Nigeria’s GDP in Q3 2024, slightly lower than the 94.52% recorded in Q3 2023 but higher than the 94.30% recorded in Q2 2024.
The federal government announced plans to rebase the country’s Consumer Price Index (CPI) and GDP by 2025 to enhance policy accuracy and boost investor confidence.
According to a statement from the Ministry of Finance, the plans are being concluded with the Statistician General of the Federation, Adeyemi Adeniran, and his team.
The Ministry noted that the rebasing effort would deliver economic benefits for the country and boost investor confidence by providing a clearer and more reliable depiction of the economy.