Nigeria’s economy grew by 3.46% year-on-year in the third quarter of 2024, as reported by the National Bureau of Statistics (NBS). This marks an improvement from the 2.54% recorded in the same period in 2023 and a slight increase from 3.19% in Q2 2024.
The growth was primarily driven by the oil sector and significant expansion in non-oil activities, particularly in services and agriculture. The services sector led the way, recording a 5.19% growth and contributing 53.58% to the overall GDP.
The oil sector rebounded with a growth of 5.17%, compared to a contraction of -0.85% in Q3 2023, supported by a rise in daily oil production to 1.47 million barrels per day. Despite efforts to diversify the economy, the oil sector contributed 5.57% to the total GDP.
The non-oil sector showed continued dominance, contributing 94.43% to GDP, and grew by 3.37%. Key drivers included financial institutions, telecommunications, agriculture, transportation, and construction. The agriculture sector grew by 1.14%, while the industrial sector saw a recovery with a 2.18% growth, led by mining and quarrying.
In nominal terms, Nigeria’s GDP for Q3 2024 stood at N71.13 trillion, reflecting a 17.26% year-on-year increase from N60.66 trillion in Q3 2023.
This performance underscores Nigeria’s ongoing economic diversification and recovery.
