The National Bureau of Statistics (NBS) today said Nigeria’s annual Gross Domestic Product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024 representing a 0.19 percentage point rise from 3.16 percent in Q2’24.
NBS disclosed this in its Gross Domestic Product, GDP, report for Q3’24 noting that the service sector contributed most to the growth.
The bureau said:: “Nigeria’s Gross Domestic Product (GDP) grew by 3.46 percent (year-on-year) in real terms in the third quarter of 2024.
“This growth rate is higher than the 2.54 percent recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19 percent .
“The performance of the GDP in the third quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.19 percent and contributed 53.58 percent to the aggregate GDP.
“The agriculture sector grew by 1.14 percent, from the growth
of 1.3 percent recorded in the third quarter of 2023.
“ The growth of the industry sector was 2.18 percent, an improvement from 0.46 percentage points 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.”
According to NBS, the nation in the third quarter of 2024 recorded an average daily oil production of 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
0.07mbpd.
However, the oil sector recorded a negative growth during the review period.
”The real growth of the oil sector was 5.17 percent (year-on-year) in Q3 2024, indicating an increase of 6.02 percentage points relative to the rate recorded in the corresponding quarter of 2023 (-0.85 percent).
“Growth decreased by 4.98 percentage points when compared to Q2’24 which was 10.15 percent .
“On a quarter-on-quarter basis&4, the oil sector recorded a growth rate of 7.39 the in Q3 2024.
“The Oil sector contributed 5.5 percent 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 percent and 5.7 percent respectively.”
The non-oil sector grew by 3.37 percent in real terms during the reference quarter (Q3 2024).
“ This rate was higher by 0.62 percentage points compared to the rate recorded in the same quarter of 2023 which was 2.75 percent and higher than the 2.8 percent 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”, NBS said.
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