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.
Agriculture sector in the period grew by 1.14 per cent, from the growth of 1.30 per cent recorded in the third quarter of 2023, also, the growth of the industry sector was 2.18 per cent, an improvement from 0.46 per cent recorded in the third quarter of 2023.
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.
“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms. This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26 per cent,” the report said.
The report showed that the real growth of the oil sector was 5.17 per cent (year-on-year) in Q3 2024, indicating an increase of 6.02 per cent points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%). Growth decreased by 4.98 per cent points when compared to Q2 2024 which was 10.15 per cent.
The average daily oil production in the period was 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07 mbpd.
On a quarter-on-quarter basis, the sector recorded a growth rate of 7.39 per cent in Q3 2024.
“The oil sector contributed 5.57 per cent to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48 per cent and 5.70 per cent respectively,” the report said.
Similarly, the non-oil sector grew by 3.37 per cent in real terms in the period, higher by 0.62 per cent points compared to the rate recorded in the same quarter of 2023 which was 2.75 per cent and higher than the 2.80 per cent recorded in the second quarter of 2024.
“This sector was driven in the third quarter of 2024 mainly by financial and insurance (financial institutions); information and communication (telecommunications); agriculture (crop production); transportation and storage (road transport); trade; and construction, accounting for positive GDP growth.”
In real terms, the bureau said the non-oil sector contributed 94.43 per cent to the nation’s GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023 which was 94.52 per cent and higher than the second quarter of 2024 recorded as 94.30 per cent.
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