25th November, 2024
By Kazeem Ugbodaga
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in real terms during the third quarter of 2024, marking an improvement over the 2.54% growth recorded in Q3 2023 and the 3.19% achieved in Q2 2024.
According to report by the National Bureau of Statistics (NBS) on Monday, the Services sector emerged as the primary driver of this growth, expanding by 5.19% and contributing 53.58% to the aggregate GDP.
In comparison, the NBS report said the Agriculture sector posted a modest growth of 1.14%, slightly below the 1.30% recorded in Q3 2023.
Meanwhile, the Industry sector demonstrated a notable recovery, with a growth rate of 2.18%, surpassing the 0.46% recorded in the corresponding quarter of the previous year.
In nominal terms, Nigeria’s GDP for Q3 2024 stood at ₦71.13 trillion, reflecting a year-on-year nominal growth of 17.26% from ₦60.66 trillion in Q3 2023.
The NBS said the nation’s average daily oil production climbed to 1.47 million barrels per day (mbpd) in the third quarter of 2024, reflecting a steady increase compared to previous periods.
This represents a 0.02 mbpd rise from the 1.45 mbpd recorded in Q3 2023 and a 0.07 mbpd growth over the 1.41 mbpd output in Q2 2024.
In real terms, the report said the oil sector grew by 5.17% year-on-year in Q3 2024, a significant recovery from the -0.85% contraction recorded in the same quarter of 2023.
However, this growth was 4.98 percentage points lower than the 10.15% recorded in Q2 2024. On a quarter-on-quarter basis, the sector grew by 7.39%.
The oil sector contributed 5.57% to Nigeria’s total real GDP in Q3 2024. This was an improvement from the 5.48% contribution recorded in the corresponding quarter of 2023 but slightly below the 5.70% recorded in the preceding quarter.
The non-oil sector, the report revealed, grew by 3.37% in real terms, surpassing the 2.75% recorded in Q3 2023 and the 2.80% in Q2 2024.
Growth in this sector was driven by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop Production); Transportation and Storage (Road Transport); Trade; and Construction.
In real terms, the non-oil sector accounted for 94.43% of the GDP in Q3 2024. While this was a slight decline from the 94.52% recorded in Q3 2023, it represented an increase from the 94.30% recorded in Q2 2024.
