By Milcah Tanimu
The National Bureau of Statistics (NBS) reported a 3.46% growth in Nigeria’s GDP for Q3 2024, marking an improvement from 3.19% in Q2 2024 and 2.54% in Q3 2023.
Key Highlights:
- Services Sector: Contributed significantly with a 5.19% growth rate and 53.58% share of the aggregate GDP.
- Agriculture: Grew by 1.14%, slightly down from 1.30% in Q3 2023.
- Industry: Improved with a 2.18% growth, up from 0.46% in the previous year.
The nominal GDP reached ₦71.13 trillion, a 17.26% year-on-year increase from ₦60.66 trillion in Q3 2023.
Oil Sector Performance
Oil production averaged 1.47 million barrels per day (mbpd), up from 1.41 mbpd in Q2 2024 and 1.45 mbpd in Q3 2023.
- Real growth in the oil sector was 5.17% year-on-year.
- The oil sector contributed 5.57% to real GDP, slightly down from 5.7% in Q2 2024.
Non-Oil Sector Drives Growth
The non-oil sector contributed 94.43% to the GDP, growing by 3.37% in real terms. Key contributors included:
- Information and Communication (Telecommunication)
- Trade, Agriculture, and Manufacturing
- Financial Services and Real Estate
This robust performance highlights the continued diversification of Nigeria’s economy and its resilience in key sectors.
