Nigeria’s Gross Domestic Product (GDP) grew by 3.46 percent (year-on-year) in the third quarter of 2024, higher than 3.19 percent in the second quarter 2024 and 2.54 percent in the third quarter of last year, according to the National Bureau of Statistics (NBS).
The growth was chiefly driven by services, agriculture and industry. The services sector recorded a growth of 5.19 percent and contributed 53.58 percent to the aggregate gross domestic product (GDP), the report said.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023,” the NBS said.
Here are the ten fastest-growing sectors by GDP growth in the third quarter of 2024, according to the GDP report by NBS:
10. Construction
The Construction sector is the tenth fastest-growing sector which grew by 2.91 percent in the third quarter of 2024 lower by 0.97 percent from the rate recorded in the previous year.
In comparison to last quarter, the sectoral growth increased by 1.87 percent. Quarterly, the sector grew by 16.20 percent in real terms.
9. Electricity and Gas Supply
Coming in 9th place, the Electricity, Gas, Steam and Air conditioning Supply sector grew by 3.23 percent in the third quarter of 2024, up from the 1.91 percent recorded in the same quarter of 2023.
However, it decreased by 2.73 percent from 5.96 percent recorded in the last quarter. Quarterly, the sector grew at a negative of 43.93 percent in real terms.
8. Human and health services
The Human Health and Social Services sector grew by 3.26 percent in the third quarter of 2024 higher than 2.93 percent recorded in the corresponding period of 2023.
The growth in Q3 2024 was also higher than the growth recorded in Q2 2024 by 0.85% points. Quarterly, this sector grew by 3.71 percent in real terms.
7. Mining and Quarrying
The Mining and Quarrying sector grew by 3.27 percent in the third quarter of 2024, higher by 5.23 percent in the same quarter of 2023 and lower by 4.52 percent in the second quarter of 2024.
Quarterly, the growth rate recorded was 6.26 percent during the third quarter of 2024.
Read also: Nigeria’s oil GDP records slowest growth in 2024
6. Accommodation and Food Services
The Accommodation and Food Services sector grew by 4.44 percent, higher by 0.87 percent in the third quarter of 2024, up from 3.57 percent recorded in the previous year.
Compared to last quarter, the growth rate grew by 2.31 percent higher than the 2.13 percent. Quarterly, the rate grew by 103.88 percent in real terms.
5. Arts, Entertainment and Recreation
The Arts, Entertainment and Recreation sector grew by 4.74 percent yearly, higher than by 0.29 percent recorded in Q3 2023.
Compared to the preceding quarter, the rate rose by 2.95 percent. Quarterly, growth stood at 8.31 percent in real terms.
4. Information and Communication
The Information and Communication sector grew by 5.92 percent in the third quarter of 2024.
Compared to the corresponding period of 2023, the rate decreased by 0.77 percent. Quarterly, the sector had a negative growth of 9.02 percent in real terms.
3. Water Supply services
The Water Supply, Sewerage, Waste Management and Remediation sector grew by 9.78 percent in the third quarter of 2024, lower by 2.16 percent from the rate recorded in Q3 2023.
Quarterly, the sector grew by -45.74 percent in real terms.
2. Transportation and Storage
The Transportation and Storage sector grew by 12.15 percent in Q3 2024 up by 47.99 percent compared to the same quarter of the previous year. Quarterly, growth was recorded 35.07 percent in real terms.
1. Financial Services
The Financial services sector was the fastest-growing sector by GDP growth in the third quarter of 2024.
The sector grew by 30.83 percent, higher by 2.62 percent from the rate recorded in the 2023 third quarter and higher by 2.04 percent from the rate recorded in the preceding quarter.
Quarterly, growth in real terms stood at -7.73 percent.
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