Services drive Nigeria’s GDP by 3.46% in Q3

Nigeria’s gross domestic product (GDP) grew by 3.46 percent in real terms in the third quarter (Q3) of 2024,representing 0.92 percentage points higher than the rate recorded in Q3 2023 (2.54 percent). It was majorly driven by the services sector.

Similarly, the quarter’s growth was higher by 0.27 percentage points relative to the 3.19 percent recorded in the second quarter (Q2) of 2024. This reflects a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024).

Adeyemi Adeniran Adedeji, statistician-general of the federation, in a statement on Monday, said the major driver of the economy is the services sector, which recorded a growth of 5.19 percent and contributed 53.58 percent to the aggregate GDP.

The economic activity in real terms for Q3 2024 stood at ₦20.115 trillion, which is higher than the rates recorded in the preceding Q2 of 2024, which stood at ₦18.285 trillion and the corresponding quarter Q3 2023 which recorded ₦19.44 trillion.

More detail to follow…