November 25, (THEWILL) – Nigeria’s Gross Domestic Product grew by 3.46% year-on-year in real terms in the third quarter of 2024, representing a 0.27 percentage point increase compared to the 3.19% growth recorded in Q2 2024, the National Bureau of Statistics disclosed in its latest report
The growth, the NBS said was propelled by the service sector, which expanded by 5.19% and accounted for 53.58% of the aggregate GDP.
In real terms, economic activity for Q3 2024 was valued at ₦20,115.77 billion, surpassing the ₦18,285.02 billion recorded in Q2 2024 and the ₦19,442.28 billion recorded in Q3 2023.
In nominal terms, aggregate GDP stood at ₦71,131.09 billion, indicating a year-on-year nominal growth rate of 17.26% compared to ₦60,658.60 billion in Q3 2023. The nominal GDP for Q3 2024 also exceeded the ₦60,930.00 billion recorded in Q2 2024.
Major contributors to the GDP in real terms during Q3 2024 were: Crop Production (26.51%), Trade (14.78%), Telecommunication (13.94%), Crude Petroleum (5.57%), and Real Estate (5.43%)
When classified into broad economic sectors, Agriculture grew by 28.65%, a 1.14% decrease compared to the 1.30% recorded in Q3 2023; industry recorded 17.77% growth, a 2.18% expansion from the 0.46% recorded in Q3 2023.
The services sector recorded a growth of 53.58%, showing a 5.19% expansion when compared to the 3.99% growth recorded in Q3 2023.
Also, oil GDP grew by 5.17% in Q3 2024, a notable recovery compared to the -0.85% contraction in Q3 2023, though it fell short of the 10.15% growth recorded in Q2 2024. The oil sector accounted for 5.57% of the total GDP.
Average daily oil production in Q3 2024 was 1.47 million barrels per day (mbpd), up from 1.45 mbpd in Q3 2023 and 1.41 mbpd in Q2 2024.
Contributing 94.43% to the GDP in real terms, the non-oil sector experienced a slight year-on-year decrease compared to 94.52% in Q3 2023 but outperformed the 94.30% recorded in Q2 2024. This performance was driven by growth in activities such as crop production, trade, telecommunications, and real estate.
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