Nigeria’s GDP Grows by 3.46% in Q3 2024
- Home
- Nigeria’s GDP Grows by 3.46% in Q3 2024
Nigeria’s GDP Grows by 3.46% in Q3 2024
Nigeria’s economy expanded by 3.46% in real terms in the third quarter of 2024, marking a notable improvement over both the previous quarter and the same period last year.
According to the National Bureau of Statistics (NBS), the growth rate for Q3 2024 surpassed the 2.54% recorded in Q3 2023 and also exceeded the 3.19% growth seen in Q2 2024.
Services Sector Leads Growth
The NBS Gross Domestic Product (GDP) Report for Q3 2024 highlighted that the services sector was the primary driver of this positive performance. The sector grew by 5.19%, contributing a significant 53.58% to the total GDP. This growth in services marks an ongoing trend of the sector becoming a larger contributor to the Nigerian economy, as compared to the same period in 2023.
Agriculture and Industry Show Mixed Results
The agriculture sector experienced a modest growth of 1.14% in Q3 2024, slightly down from 1.30% in Q3 2023. Despite this, agriculture continues to play a vital role in the Nigerian economy, though its contribution to GDP growth was relatively subdued during the quarter.
On the other hand, the industrial sector saw an improvement in its performance. It recorded a growth of 2.18% in Q3 2024, up from just 0.46% in the same quarter of the previous year. This increase in industrial output reflects recovery and potential in sectors such as manufacturing and construction.
Nominal GDP Performance
In terms of nominal GDP, Nigeria’s economy continued to show strength. The country’s aggregate GDP at basic price stood at N71.13 trillion in Q3 2024, compared to N60.66 trillion in Q3 2023, reflecting a year-on-year growth of 17.26%. This increase in nominal GDP highlights both the growth in economic activity and the inflationary pressures that have affected prices over the period.
- Share
